§ 36-12.1-19. State contributions. (a) The State of Rhode Island shall make its contribution for the maintenance of the system, including the proper and timely payment of benefits, by annually appropriating an amount equal to a percentage of the total compensation paid to the active membership and teacher payroll base. The percentage shall be computed by the actuary employed by the OPEB Board and shall be certified by the OPEB Board to the director of administration on or before the fifteenth day of October in each year, beginning in 2011. In arriving at the yearly employer contribution the actuary shall determine the value of:
(1) The contributions made by the members;
(2) Income on investments; and
(3) Other income of the system.
(b) The Actuary shall thereupon compute the yearly employer contribution that will:
(1) Pay the actuarial estimate of the normal cost for the next succeeding fiscal year;
(2) Amortize the unfunded liability of the system as of June 30, 2006 utilizing a time period not to exceed thirty (30) years.
(c) The State of Rhode Island shall remit to the general treasurer the employer's share of the contribution for state employees, state police, legislators, and judges on a payroll frequency basis, and for teachers in a manner consistent with sound accounting and actuarial practice.
(d) The Board of Governors for Higher Education shall remit to the general treasurer that employer's share of the contribution for its non-classified employees, and those of the University of Rhode Island, Rhode Island College, and the Community College of Rhode Island, pursuant to § 16-17.1-1 et seq., and in a manner consistent with sound accounting and actuarial practice.
History of Section. (P.L. 2008, ch. 9, art. 4, § 3; P.L. 2009, ch. 5, art. 4, § 1.)
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