§ 16-16-35. Contributions.
(a) The cost of the benefits provided in §§ 16-16-25 — 16-16-38 shall be two percent (2%) of the member’s annual salary up to but not exceeding an annual salary of eleven thousand five hundred dollars ($11,500); one-half (½) of the cost shall be contributed by the member by deductions from his or her salary, and the other half (½) shall be contributed and paid by the respective city, town, or school district by which the member is employed. These contributions shall be in addition to the contributions provided in § 16-16-22 and shall be paid into the teachers’ survivors benefit fund created by §§ 16-16-25 — 16-16-38 in the same manner as contributions are made under the provisions of § 16-16-22.
(b) In the event the market value of the teachers’ survivor benefit plan assets shall decrease below one hundred (100%) percent of the teachers’ survivor benefit plan liabilities as reported by a qualified actuary pursuant to § 16-16-37, the retirement board shall determine and fix the amount of contributions necessary to maintain a funding level of not less than one hundred (100%) percent of assets to liabilities ratio. Any adjusted cost of the benefits provided in §§ 16-16-25 — 16-16-38 shall be paid for by the member by deduction from his or her salary. These contributions shall be in addition to the contributions provided in § 16-16-22 and shall be paid into the teachers’ survivors benefit fund created by §§ 16-16-25 — 16-16-38 in the same manner as contributions are made under the provisions of § 16-16-22; provided, however, that payments to compensate for asset-to-liability ratios less than one hundred (100%) percent shall be amortized over individual ten-year (10) close periods. Notwithstanding anything to the contrary in this chapter or in any other provision of Rhode Island law, no benefit enhancements, beyond the current provisions within §§ 16-16-25 — 16-16-38, shall be granted until the market value of the teachers’ survivor benefit plan assets shall increase above one hundred and twenty (120%) percent of the teachers’ survivor benefit plan liabilities as reported by a qualified actuary pursuant to § 16-16-37.
History of Section.P.L. 1962, ch. 212, § 3; P.L. 1974, ch. 254, § 1; P.L. 1996, ch. 295, § 1; P.L. 2004, ch. 547, § 1; P.L. 2013, ch. 501, § 28; P.L. 2017, ch. 412, § 2; P.L. 2017, ch. 413, § 2.
Structure Rhode Island General Laws
Section 16-16-1. - Definitions.
Section 16-16-2. - Membership in system.
Section 16-16-4. - Membership of school nurses.
Section 16-16-5. - Service creditable.
Section 16-16-6. - Credit for service in private schools or as federal employee — Contributions.
Section 16-16-6.1. - Credit for service outside state.
Section 16-16-6.2. - Service credit for appropriate work experience — Contributions.
Section 16-16-6.3. - Repealed.
Section 16-16-7. - Credit for military leave.
Section 16-16-7.1. - Armed service credit.
Section 16-16-7.2. - Peace corps, teacher corps, and volunteers in service to America — Credit.
Section 16-16-8. - Credit for service as a state or municipal employee.
Section 16-16-8.1. - Purchase of service credits payable by installment.
Section 16-16-9, 16-16-10. - Repealed.
Section 16-16-11. - Benefits payable — Survivor’s benefits.
Section 16-16-12. - Procedure for service retirement.
Section 16-16-12.1. - Repealed.
Section 16-16-13. - Amount of service retirement allowance.
Section 16-16-14. - Retirement for ordinary disability.
Section 16-16-15. - Amount of ordinary disability benefit.
Section 16-16-16. - Retirement for accidental disability.
Section 16-16-17. - Amount of accidental disability benefit.
Section 16-16-18. - Disability benefits pending final decision on application.
Section 16-16-20. - Deduction of amounts received from workers’ compensation or as damages.
Section 16-16-22. - Contributions to state system.
Section 16-16-22.1. - City or town payment of teacher member contributions.
Section 16-16-23. - Applicability of public employees’ retirement law.
Section 16-16-24. - Substitute teaching and employment after retirement.
Section 16-16-24.1. - Substitute teaching and post-retirement employment related to COVID-19.
Section 16-16-25. - Eligibility for survivor’s benefits — Payment.
Section 16-16-26. - Spouse’s or domestic partner’s benefits.
Section 16-16-27. - Family benefits.
Section 16-16-28. - Children’s benefits.
Section 16-16-30. - Parent’s benefits.
Section 16-16-31. - Refund on termination prior to retirement.
Section 16-16-32. - Refund on retirement.
Section 16-16-34. - Member leaving no survivors — Reversion.
Section 16-16-35. - Contributions.
Section 16-16-36. - Teachers’ survivors benefit fund.
Section 16-16-37. - Administration.
Section 16-16-38. - Social security.
Section 16-16-39. - Severability.
Section 16-16-40. - Additional benefits payable to retired teachers.
Section 16-16-40.1. - One-time adjustment to original retirement allowance.
Section 16-16-42. - Life insurance benefits.
Section 16-16-43. - Purchase of credit while serving a prison sentence prohibited.