Towns and cities
Retirement of Municipal Employees
§ 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.)