§ 36-12.1-15 - Payment of administrative expenses of the OPEB board and maintaining the OPEB system – Restricted receipts account. - Rhode Island Statutes

SECTION 36-12.1-15

   § 36-12.1-15  Payment of administrativeexpenses of the OPEB board and maintaining the OPEB system – Restrictedreceipts account. – (a) There is hereby created within the general fund a restricted receiptaccount entitled the "OPEB system restricted receipt account", the proceeds ofwhich shall be used solely to pay the expenses of the OPEB Board, the cost ofmaintaining the OPEB System, and the costs of administering the OPEB System.

   (b) For fiscal years 2011 through 2014, the State Controlleris authorized to disburse from the fund the cost of the actuarial valuation,and the allocated share of investment manager fees incurred by the StateInvestment Commission. In fiscal years, 2015 and thereafter, there shall betransferred to this restricted receipt account twenty five (25) basis pointswhere one hundred (100.0) basis points equals one percent (1.0%), of theaverage total investments before lending activities as reported in the annualreport of the auditor general for the next preceding five fiscal years. Anynon-encumbered funds on June 30 of any fiscal year shall be credited to theOPEB System.