§ 36-12.1-19 - State contributions.
SECTION 36-12.1-19
§ 36-12.1-19 State contributions. –(a) The State of Rhode Island shall make its contribution for the maintenanceof the system, including the proper and timely payment of benefits, by annuallyappropriating an amount equal to a percentage of the total compensation paid tothe active membership and teacher payroll base. The percentage shall becomputed by the actuary employed by the OPEB Board and shall be certified bythe OPEB Board to the director of administration on or before the fifteenth dayof October in each year, beginning in 2011. In arriving at the yearly employercontribution 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 employercontribution that will:
(1) Pay the actuarial estimate of the normal cost for thenext succeeding fiscal year;
(2) Amortize the unfunded liability of the system as of June30, 2006 utilizing a time period not to exceed thirty (30) years.
(c) The State of Rhode Island shall remit to the generaltreasurer the employer's share of the contribution for state employees, statepolice, legislators, and judges on a payroll frequency basis, and for teachersin a manner consistent with sound accounting and actuarial practice.
(d) The Board of Governors for Higher Education shall remitto the general treasurer that employer's share of the contribution for itsnon-classified employees, and those of the University of Rhode Island, RhodeIsland College, and the Community College of Rhode Island, pursuant to §16-17.1-1 et seq., and in a manner consistent with sound accounting andactuarial practice.