§ 45-21-42. Contributions by municipalities.
(a) Each municipality shall make contributions to the system to provide for the remainder of the obligation for retirement allowances, annuities, and other benefits provided in this chapter, after applying the accumulated contributions of the members, interest income on investments of the system, and other income accruing to the system. These contributions shall, in any event, be sufficient to establish and maintain a reserve equal to the sum of:
(1) The full credits for accumulated contributions in the “members’ contribution reserve” described in § 45-21-43;
(2) The present value, determined in accordance with the actuarial tables in use by the system, of the retirement allowances, disability allowances, accidental death benefits, and other benefits in force, chargeable to the “retirement reserve” described in § 45-21-43; and
(3) The present value of deferred annuities to members who have acquired a vested right under the provisions of § 45-21-18.
(b) The rate of contribution on the part of each municipality, to meet its obligations under this chapter, is the rate certified by the retirement board at the date of participation of the municipality. The rate is redetermined at least once every five (5) years and certified by the retirement board, upon recommendation of the actuary, following an evaluation and analysis of the operating experience of the system and of the assets, liabilities, and reserves of the system. Nothing contained in this chapter is deemed to impose any obligation upon any municipality for service which may have been rendered by an employee of one municipality in behalf of another municipality.
(c) In case of failure of any city or town to pay to the state the amounts due from it under this title within the time prescribed, the general treasurer is hereby authorized to deduct that amount from any moneys due the city or town from the state for any purpose other than for education.
(d) Notwithstanding any other provisions of the general laws, the payment of the contributions for the employers’ share shall be remitted to the retirement board on the date contributions are withheld but no later than three (3) business days following the pay period ending in which contributions were withheld.
(e) This section is not subject to §§ 45-13-7 — 45-13-10, as amended.
History of Section.P.L. 1951, ch. 2784, § 13; G.L. 1956, § 45-21-42; R.P.L. 1957, ch. 135, § 4; P.L. 1959, ch. 23, § 7; P.L. 1965, ch. 236, § 1; P.L. 1981, ch. 337, § 1; P.L. 1988, ch. 509, § 3; P.L. 2019, ch. 205, § 9; P.L. 2019, ch. 271, § 9.
Structure Rhode Island General Laws
Chapter 45-21 - Retirement of Municipal Employees
Section 45-21-1. - Purpose of chapter.
Section 45-21-2. - Definitions.
Section 45-21-3. - Effective date of operations.
Section 45-21-4. - Acceptance by municipalities — Effective date.
Section 45-21-5. - Procedure for withdrawal of municipality.
Section 45-21-6. - Settlement on withdrawal from system.
Section 45-21-7. - Liability of municipalities — Enforcement.
Section 45-21-8. - Membership in system.
Section 45-21-8.1. - Exclusion of elected city, town council or other elected members.
Section 45-21-10. - Information furnished as to members — Classification.
Section 45-21-11. - Cessation of membership.
Section 45-21-12. - Statements as to prior service.
Section 45-21-12.1. - Credit for service as a teacher or state employee.
Section 45-21-13. - Verification of prior service.
Section 45-21-14. - Computation of years of service.
Section 45-21-14.1. - Repealed.
Section 45-21-14.2. - Leave of absence credits.
Section 45-21-15. - Prior service certificate.
Section 45-21-16. - Retirement on service allowance.
Section 45-21-16.1. - Repealed.
Section 45-21-16.2. - Electronic funds transfer.
Section 45-21-17. - Service retirement allowance.
Section 45-21-17.2. - Social security supplemental option.
Section 45-21-18. - Deferred allowance on service retirement before minimum age.
Section 45-21-19. - Retirement for ordinary disability.
Section 45-21-20. - Ordinary disability allowance.
Section 45-21-21. - Retirement for accidental disability.
Section 45-21-22. - Accidental disability allowance.
Section 45-21-23. - Periodical examination of disability annuitants — Placement on employment lists.
Section 45-21-25. - Accidental death benefits.
Section 45-21-26. - Ordinary death benefits.
Section 45-21-27. - Benefit on death of retired employee.
Section 45-21-28. - Refund of contributions on cessation of membership.
Section 45-21-29. - Repayment of refunded contributions — Reinstatement of service credit.
Section 45-21-30. - Optional benefits on service retirement.
Section 45-21-31. - Offset of workers’ compensation or personal injury recovery.
Section 45-21-32. - Retirement system established as corporation — Management.
Section 45-21-33. - Information furnished by municipalities.
Section 45-21-34. - Annual report and statement.
Section 45-21-35. - Legal adviser — General treasurer — Executive director — Assistant director.
Section 45-21-36. - Clerical and professional assistance — Appropriations and disbursements.
Section 45-21-37. - Vouchers for payment of benefits.
Section 45-21-38. - Receipt of contributions — Investment of funds.
Section 45-21-39. - Credit of interest.
Section 45-21-40. - Improper interest in investments of board.
Section 45-21-41. - Members’ contributions — Payroll deductions — Certification to board.
Section 45-21-41.1. - Municipality payment of member contributions.
Section 45-21-42. - Contributions by municipalities.
Section 45-21-42.2. - Fiscal impact of proposed legislation impacting the retirement system.
Section 45-21-43. - Accounts and records — Reserve accounts.
Section 45-21-43.1. - Actuarial cost method.
Section 45-21-44. - Guaranties by municipalities — Adjustment of contribution rates.
Section 45-21-45. - Tax exemption.
Section 45-21-46. - Forfeiture for fraudulent claims.
Section 45-21-47. - Reserved power to amend or repeal — Vested rights.
Section 45-21-48 - — 45-21-50. Repealed.
Section 45-21-51.1. - Optional annuity protection — Election of option by member.
Section 45-21-52. - Automatic increase in service retirement allowance.
Section 45-21-53. - Armed service credit.
Section 45-21-54. - Reemployment of retired members.
Section 45-21-55. - Retired members of the town of Warren.
Section 45-21-56. - Credit for other municipal service.
Section 45-21-57. - Life insurance benefits.
Section 45-21-58. - Credits for layoffs.
Section 45-21-59. - Effect of deferral and/or reduction of salary.
Section 45-21-60. - Pensioners and beneficiaries of Plan No. 3023 — Town of North Kingstown.
Section 45-21-61. - Purchase of credit while serving a prison sentence — Prohibited.
Section 45-21-62. - Purchase of credits for continuous municipal service.
Section 45-21-63. - Health insurance coverage of retired municipal employees.
Section 45-21-64. - Purchase of service credits payable by installment.
Section 45-21-65. - Other post-employment benefits — OPEB trusts.
Section 45-21-66. - Severability.
Section 45-21-67. - Central Falls retirees — Settlement agreement.