§45-21-44  Guaranties by municipalities – Adjustment of contribution rates. –


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$49.99.
TITLE 45

Towns and cities

CHAPTER 45-21

Retirement of Municipal Employees

SECTION 45-21-44



   § 45-21-44  Guaranties by municipalities

– Adjustment of contribution rates. –

Regular interest requirements, and the maintenance of reserves in accordance

with the provisions of this chapter, are guaranteed by the respective

participating municipalities, which guaranty extends only to their

proportionate interests in the retirement system as determined upon the basis

of the liabilities for the several benefits on account of the participating

members from each municipality. Adjustment shall be made at least once every

five (5) years, as provided in this chapter, in the applicable contribution

rates for the municipalities for any regular interest or reserve requirements,

or for any amounts above statutory requirements, as determined by actuarial

valuation, in accordance with the provisions of this chapter.



History of Section.

(P.L. 1951, ch. 2784, § 15; G.L. 1956, § 45-21-44.)