§ 45-21-42.2 - Fiscal impact of proposed legislation impacting the retirement system.
SECTION 45-21-42.2
§ 45-21-42.2 Fiscal impact of proposedlegislation impacting the retirement system. – 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 liability to the retirement system of participatingmunicipalities, such legislation shall not be approved by the general assemblyunless an explanatory statement or note, prepared and paid for by theretirement system, is appended to the proposed legislation which actuariallycalculates, based upon approved retirement board assumptions, the projectedtwenty (20) year cost of the proposed legislation. These statements or notesshall be known as "pension impact notes," and they shall accompany each suchbill or resolution prior to consideration by the chamber in which the bill orresolution originated. The reasonable cost of preparing pension impact notesshall be charged as an administrative expense and paid from the retirementsystem's restricted receipts account established pursuant to § 36-8-10.1.Only the chair of the senate committee on finance with the approval of thepresident of the senate can request a pension impact note on proposedlegislation that originates in the senate. Only the chair of the housecommittee on finance with the approval of the speaker of the house can requesta pension impact note on proposed legislation that originates in the house. Thegovernor can request a pension impact note on proposed legislation recommendedin the appropriation acts required by §§ 35-3-7 or 35-3-8. Thissection shall be in addition to the requirements of chapter 12 of title 22. Ifone or more participating municipalities requests an actuarial study or otherstudy that impacts only the liability of the participating municipality makingthe request, the participating municipality making the request shall pay anyand all costs associated with the preparation of the study or report.