§ 45-21-42 - Contributions by municipalities.
SECTION 45-21-42
§ 45-21-42 Contributions bymunicipalities. – (a) Each municipality shall make contributions to the system to provide for theremainder of the obligation for retirement allowances, annuities, and otherbenefits provided in this chapter, after applying the accumulated contributionsof the members, interest income on investments of the system, and other incomeaccruing to the system. These contributions shall, in any event, be sufficientto establish and maintain a reserve equal to the sum of:
(1) The full credits for accumulated contributions in the"members' contribution reserve" described in § 45-21-43,
(2) The present value, determined in accordance with theactuarial tables in use by the system, of the retirement allowances, disabilityallowances, accidental death benefits, and other benefits in force, chargeableto the "retirement reserve" described in § 45-21-43, and
(3) The present value of deferred annuities to members whohave acquired a vested right under the provisions of § 45-21-18.
(b) The rate of contribution on the part of eachmunicipality, to meet its obligations under this chapter, is the rate certifiedby the retirement board at the date of participation of the municipality. Therate is redetermined at least once every five (5) years and certified by theretirement board, upon recommendation of the actuary, following an evaluationand analysis of the operating experience of the system and of the assets,liabilities, and reserves of the system. Nothing contained in this chapter isdeemed to impose any obligation upon any municipality for service which mayhave been rendered by an employee of one municipality in behalf of anothermunicipality.
(c) In case of failure of any city or town to pay to thestate the amounts due from it under this title within the time prescribed, thegeneral treasurer is hereby authorized to deduct that amount from any moneysdue the city or town from the state for any purpose other than for education.
(d) Notwithstanding any other provisions of the general laws,the payment of the contributions for the employers' share shall be remitted tothe retirement board on a monthly basis, payable by the 15th of the followingmonth.
(e) This section is not subject to §§ 45-13-7– 45-13-10, as amended.