Chapter 381
2011 -- H 6309
Enacted 07/13/11
A N A C T
RELATING TO
GENERAL ASSEMBLY - ACTUARIAL COST
Introduced
By: Representatives
Date Introduced: June 29, 2011
It is enacted by the General
Assembly as follows:
SECTION 1. Section 22-12.1-1 of the General Laws in Chapter
22-12.1 entitled
"Actuarial Cost"
is hereby amended to read as follows:
22-12.1-1.
Actuarial cost required. -- (a) Proposed
legislation which directly impacts
the retirement system can potentially affect the benefits
of all plan participants and beneficiaries.
Since it is in the best interests of plan participants
and beneficiaries to determine the financial
consequences of any proposed legislation which would directly
impact the state's liability to the
retirement system, no committee shall recommend passage of any
bill or resolution having an
effect on contributions, benefits and retirement allowances
of the retirement system pursuant to
the provisions of chapters 8 -- 10 of title 36, unless
the bill or resolution shall be accompanied by
a statement which shall set forth the full actuarial
costs or full actuarial value, as those terms are
defined in section 36-8-1.
(b) These statements or
notes shall be known as "pension impact notes," and they shall
accompany each such bill or resolution prior to consideration
of the house in which the bill or
resolution originated. The reasonable cost of preparing pension
impact notes shall be charged as
an administrative expense and paid from the retirement
system's restricted receipts account
established pursuant to section 36-8-10.1. Only the chair of the
senate committee on finance with
the approval of the president of the senate can request a
pension impact note on proposed
legislation that originates in the senate. Only the chair of the
house committee on finance with the
approval of the speaker of the house can request a pension
impact note on proposed legislation
that originates in the house. The governor can request a
pension impact note on proposed
legislation recommended in the appropriation acts required by
sections 35-3-7 or 35-3-8.
(c)(1)
Notwithstanding the foregoing, the chair of the senate committee on finance
and/or
the house committee on finance, with approval of the
president of the senate or the speaker of the
house of representatives respectively, may request a
pension impact note relating to any proposed
impact upon the state's liability to the retirement system
regardless of the existence of related
proposed legislation.
(2) The reasonable
cost of preparing pension impact notes which are not related to
existing proposed legislation shall be paid from the annual
appropriation for the joint committee
on legislative services.
(d)(1) The director
of the department of administration, with approval of the governor,
may request a pension impact note.
(2) The reasonable
cost of preparing impact notes which are not related to existing
proposed legislation shall be paid from the annual
appropriation for the department of
administration budget.
SECTION 2. This act shall take effect upon passage.
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LC02986
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