§ 16-16-22 - Contributions to state system. - Rhode Island Statutes

SECTION 16-16-22

   § 16-16-22  Contributions to state system.– (a) Each member shall contribute into the system nine and one-half percent(9.5%) of compensation as his or her share of the cost of annuities, benefits,and allowances. The employer contribution on behalf of teacher members of thesystem shall be in an amount that will pay a rate percent of the compensationpaid to the members, according to the method of financing prescribed in theState Retirement Act in chapters 8 – 10 of title 36. This amount shall bepaid by the state, and sixty percent (60%) by the city, town, local educationalagency, or any formalized commissioner approved cooperative service arrangementby whom the teacher members are employed, with the exception of teachers whowork in federally funded projects. Provided, however, that the rate percentpaid shall be rounded to the nearest hundredth of one percent (.01%).

   (b) The employer contribution on behalf of teacher members ofthe system who work in fully or partially federally funded programs shall beprorated in accordance with the share of the contribution paid from the fundsof the federal, city, town, or local educational agency, or any formalizedcommissioner approved cooperative service arrangement by whom the teachermembers are approved.

   (c) In case of the failure of any city, town, or localeducational agency, or any formalized commissioner approved cooperative servicearrangement to pay to the state retirement system the amounts due from it underthis section within the time prescribed, the general treasurer is authorized todeduct the amount from any money due the city, town, or local educationalagency from the state.

   (d) The employer's contribution shared by the state shall bepaid in the amounts prescribed in this section for the city, town, or localeducational agency and under the same payment schedule. Notwithstanding anyother provisions of this chapter, the city, town, or local educational agencyor any formalized commissioner approved cooperative service arrangement shallremit to the general treasurer of the state the local employer's share of theteacher's retirement payments on a monthly basis, payable by the fifteenth(15th) of the following month. The general treasurer, upon receipt of the localemployer's share, shall effect transfer of a matching amount of money from thestate funds appropriated for this purpose by the general assembly into theretirement fund.

   (e) This section is not subject to §§ 45-13-7through 45-13-10.