§ 36-8-8.1 - Disclosure of special pension benefits.
SECTION 36-8-8.1
§ 36-8-8.1 Disclosure of special pensionbenefits. – (a) The retirement board is directed to conduct an audit of all special pensionbenefits conferred on or after January 1, 1970, to date by statute, by theretirement board, or by other public officials or agencies, and report itsfindings to the governor and to the general assembly no later than March 15,1993. The report shall disclose all beneficiaries of special pension benefitsand shall describe in detail, by beneficiary, the nature of the special pensionbenefits received, including pension credits or retirement benefits that werepurchased by, awarded to, conferred on, or obtained by individuals other thanfor full time service as a paid employee of the state of Rhode Island. Inaddition, the report shall describe the manner and method by which thosespecial pension benefits were conferred. For each beneficiary of specialpension benefits, the report will calculate the contribution actuariallyrequired to support the special pension benefits conferred and the actualcontribution of the beneficiary, adjusted for the ordinary contribution of thestate to the retirement system under § 36-10-2 and the investment returnof the fund. The report will:
(i) Disclose for each beneficiary the difference between theactual contribution of the member and the contribution actuarially required tofund the special pension benefit;
(ii) Render a judgment as to whether the conferral of eachbenefit, by legislation or otherwise, was correct, lawful and appropriate; and
(iii) Recommend appropriate remedial legislation and/oradministrative action including, where warranted, the repeal of specificlegislation conferring inappropriate and/or unwarranted retirement benefitsupon individuals.
(2) The report will include a description by the actuary ofthe effect on the retirement fund of the special pension benefits described andquantified in the report, and will be certified as true and accurate.
(3) The cost of the audit and the report shall not exceed thesum of five hundred thousand dollars ($500,000).
(b) In each subsequent annual report filed pursuant to §36-8-8, the retirement board will disclose all special pension benefits awardedto any individual or group during the reporting period and disclose for eachmember receiving the special pension benefits the difference between the actualcontribution of the member and the contribution actuarially required to fundthe special pension benefits awarded. The report will include a description bythe actuary of the effect on the retirement fund of the special pensionbenefits described and quantified in the report.
(c) The retirement board shall take all steps necessary andproper to timely implement the provisions of this section, and shall, throughMarch 15, 1993, report to the governor and the general assembly on a continuingbasis its progress towards and means of effectuating these legislative purposes.