2011 -- S 0961 AS AMENDED
A N A C T
RELATING TO GENERAL ASSEMBLY - ACTUARIAL COST
Introduced By: Senator Daniel DaPonte
Date Introduced: May 12, 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
(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
SECTION 2. This act shall take effect upon passage.