2015 -- H 5172 | |
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LC000587 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2015 | |
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A N A C T | |
RELATING TO TOWNS AND CITIES - MUNICIPAL RETIREMENT CONTRIBUTIONS | |
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Introduced By: Representatives Hull, Malik, Johnston, Messier, and Carnevale | |
Date Introduced: January 21, 2015 | |
Referred To: House Municipal Government | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 45-65-7 of the General Laws in Chapter 45-65 entitled "Retirement |
2 | Security Act for Locally Administered Pension Funds" is hereby amended to read as follows: |
3 | 45-65-7. Failure to comply. -- (1) (a) With respect to any municipality that fails to |
4 | comply with the requirements of this chapter within the prescribed time, the general treasurer is |
5 | authorized to withhold moneys due to the municipality from the state for any purpose other than |
6 | education, including, but not limited to, municipal aid and other aid provided under ยงยง 45-13-5.1, |
7 | 45-13-12, 44-34.1-2, 44-13-13, 44-18-18.1, 44-18-36.1(b) and 42-63.1-3. |
8 | (b) Notwithstanding any provision of any general or public laws to the contrary, in the |
9 | event that a municipality reports a budgetary surplus of funds at the end of its fiscal year, but has |
10 | not made its timely and legally required contribution to any locally administered pension, then in |
11 | such event the municipality shall contribute that amount of its surplus funds necessary to meet its |
12 | legally required pension fund obligations. If the municipality has failed to make its timely |
13 | required contributions to more than one of its locally administered pension funds, then the |
14 | municipality's surplus shall be proportionately contributed to each needy pension fund. |
15 | SECTION 2. This act shall take effect upon passage. |
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LC000587 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TOWNS AND CITIES - MUNICIPAL RETIREMENT CONTRIBUTIONS | |
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1 | This act would require municipalities that fail to make required contributions to their |
2 | locally administered pension funds, to use any budget surplus they may have to make up for their |
3 | delinquent contributions. |
4 | This act would take effect upon passage. |
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