§ 45-10-15 - Compliance with requirements of "governmental accounting standards board (GASB)" pension funding.
SECTION 45-10-15
§ 45-10-15 Compliance with requirements of"governmental accounting standards board (GASB)" pension funding. – For any audit year in which a municipality contributes materially less than100% of the annual required contribution to its pension plan(s) as reported inaccordance with GASB statement 27 or any successor statement, the municipalityshall submit to the auditor general and the director of revenue, within three(3) months of completion of the financial statement, the municipality's mostrecent actuarial study of the plan(s) and management's recommendations forassuring future payments equal to the annual pension cost (APC).