§ 36-12.1-3. Background.
The general assembly finds that the State faces a significant unfunded liability associated with its retiree health care benefits programs. To date, the State has been funding retiree health care benefits on a pay-as-you-go basis. Recently established governmental accounting standards applicable to the State require that the State account for such unfunded costs on an accrued actuarial basis. An actuarial study conducted by the State shows that the State faces an unfunded future liability for retiree health care benefits in excess of six hundred million dollars ($600,000,000). The creation and eventual funding of a dedicated trust fund for the purpose of financing this liability on accrued actuarial basis is fiscally prudent and will produce significant benefits to the State.
History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Structure Rhode Island General Laws
Title 36 - Public Officers and Employees
Chapter 36-12.1 - Retiree Health Care Trust Fund
Section 36-12.1-1. - Name of act.
Section 36-12.1-2. - Statement of purpose.
Section 36-12.1-3. - Background.
Section 36-12.1-4. - Definitions.
Section 36-12.1-5. - Establishment of OPEB system.
Section 36-12.1-6. - Responsibility for administration — rules and regulations.
Section 36-12.1-7. - Composition of the OPEB board.
Section 36-12.1-8. - Meetings of the OPEB board.
Section 36-12.1-9. - Duties of the OPEB board.
Section 36-12.1-10. - Votes of board — Record of proceedings.
Section 36-12.1-11. - Reimbursement of board members.
Section 36-12.1-12. - Annual report and statement.
Section 36-12.1-13. - Executive officers and secretary.
Section 36-12.1-16. - Collection of actuarial and experience data.
Section 36-12.1-17. - Actuarial investigations authorized by board.
Section 36-12.1-18. - Periodic actuarial investigations and valuations.
Section 36-12.1-19. - State contributions.
Section 36-12.1-20. - Establishment of OPEB trust funds.
Section 36-12.1-21. - Custody and investment of funds.
Section 36-12.1-22. - Disposition of investment earnings.
Section 36-12.1-23. - Improper interest in investments of board.
Section 36-12.1-24. - Payment of OPEB benefits.
Section 36-12.1-25. - Annual audits.
Section 36-12.1-26. - Internal revenue code qualification.