2012 -- H 7118

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO TOWNS AND CITIES - RETIREMENT OF MUNICIPAL EMPLOYEES

     Introduced By: Representatives Tomasso, Valencia, and Chippendale

     Date Introduced: January 12, 2012

     Referred To: House Municipal Government

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 45-21 of the General Laws entitled "Retirement of Municipal

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Employees" is hereby amended by adding thereto the following section:

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     45-21-42.3. Municipal payment of actuarially-required contribution. --

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Notwithstanding any provisions of the general laws, to the contrary, in the event that a

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municipality reports a surplus at the end of its fiscal year but has not made its actuarially-required

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contribution to the system pursuant to this chapter, then in such event the municipality shall apply

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the surplus to the system up to the amount equal to the actuarially-required contribution.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TOWNS AND CITIES - RETIREMENT OF MUNICIPAL EMPLOYEES

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     This act would require that in the event that a municipality reports a surplus at the end of

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its fiscal year but has not made its actuarially-required contribution to its pension system, then in

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such event the municipality shall apply the surplus to the pension system up to the amount equal

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to the actuarially-required contribution.

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LC00436

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