§ 16-16-35 - Contributions. - Rhode Island Statutes

SECTION 16-16-35

   § 16-16-35  Contributions. – The cost of the benefits provided in §§ 16-16-25 – 16-16-38shall be two percent (2%) of the member's annual salary up to but not exceedingan annual salary of ninety-six hundred dollars ($9,600); one-half (1/2) of thecost shall be contributed by the member by deductions from his or her salary,and the other half (1/2) shall be contributed and paid by the respective city,town, or school district by which the member is employed. These contributionsshall be in addition to the contributions provided in § 16-16-22 and shallbe paid into the teachers' survivors benefit fund created by §§16-16-25 – 16-16-38 in the same manner as contributions are made under theprovisions of § 16-16-22.

   In the event the market value of the Teachers' SurvivorBenefit Plan assets shall decrease below one hundred and twenty (120%) percentof the Teachers' Survivor Benefit Plan liabilities as reported by a qualifiedactuary pursuant to § 16-16-37, the retirement board shall determine andfix the amount of contributions necessary to maintain a funding level of notless than one hundred and twenty (120%) percent of assets to liabilities ratio.Any adjusted cost of the benefits provided in §§ 16-16-25 –16-16-38 shall be paid for by the member by deduction from his or her salary.These contributions shall be in addition to the contributions provided in§ 16-16-22 and shall be paid into the teachers' survivors benefit fundcreated by §§ 16-16-25 – 16-16-38 in the same manner ascontributions are made under the provisions of § 16-16-22.