§ 22-12.1-1 - Actuarial cost required.
SECTION 22-12.1-1
§ 22-12.1-1 Actuarial cost required.– (a) Proposed legislation which directly impacts the retirement system canpotentially affect the benefits of all plan participants and beneficiaries.Since it is in the best interests of plan participants and beneficiaries todetermine the financial consequences of any proposed legislation which woulddirectly impact the state's liability to the retirement system, no committeeshall recommend passage of any bill or resolution having an effect oncontributions, benefits and retirement allowances of the retirement systempursuant to the provisions of chapters 8 – 10 of title 36, unless the billor resolution shall be accompanied by a statement which shall set forth thefull actuarial costs or full actuarial value, as those terms are defined in§ 36-8-1.
(b) These statements or notes shall be known as "pensionimpact notes," and they shall accompany each such bill or resolution prior toconsideration of the house in which the bill or resolution originated. Thereasonable cost of preparing pension impact notes shall be charged as anadministrative expense and paid from the retirement system's restrictedreceipts account established pursuant to § 36-8-10.1. Only the chair ofthe senate committee on finance with the approval of the president of thesenate can request a pension impact note on proposed legislation thatoriginates in the senate. Only the chair of the house committee on finance withthe approval of the speaker of the house can request a pension impact note onproposed legislation that originates in the house. The governor can request apension impact note on proposed legislation recommended in the appropriationacts required by §§ 35-3-7 or 35-3-8.