2012 Rhode Island General Laws
Title 36 - Public Officers and Employees
Chapter 36-10 - Retirement System–Contributions and Benefits
Chapter 36-10-2.1 - Actuarial cost method.
§ 36-10-2.1 Actuarial cost method. – (a) To determine the employer contribution rate for the State of Rhode Island for fiscal year 2002 and for all fiscal years subsequent, the actuary shall compute the costs under chapter 10 of title 36 using the entry age normal cost method. Effective July 1, 2012, the entry age normal cost method shall be as defined in Accounting Standard No. 27 of the Governmental Accounting Standards Board as in effect from time to time.
(b) The determination of the employer contribution rate for fiscal year 2013 shall include a reamortization of the current Unfunded Actuarial Accrued Liability (UAAL) over a closed twenty-five (25) year period. After an initial period of five (5) years, future actuarial gains and losses occurring within a plan year will be amortized over individual new twenty (20) year closed periods.
History of Section.
(P.L. 1982, ch. 201, § 2; P.L. 1989, ch. 126, art. 28, § 1; P.L. 2001, ch. 77, art. 18, § 1; P.L. 2011, ch. 408, § 7; P.L. 2011, ch. 409, § 7.)
Disclaimer: These codes may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
