§ 36-8-10.1 - Payment of administrative expense of the retirement board and maintaining the retirement system – Restricted receipts account. - Rhode Island Statutes

SECTION 36-8-10.1

   § 36-8-10.1  Payment of administrativeexpense of the retirement board and maintaining the retirement system –Restricted receipts account. – (a) There is hereby created a restricted receipt account, under the control ofthe general treasurer, the proceeds of which shall be used solely to pay theexpenses of the retirement board, the cost of maintaining the retirementsystem, and the costs of administering the retirement system.

   (b) There shall be transferred to this restricted receiptaccount seventeen and one-half (17.5) basis points (0.175%), where one hundred(100.0) basis points equals one percent (1.0%), of the average totalinvestments before lending activities as reported in the annual report of theauditor general for the next preceding five fiscal years. Any nonencumberedfunds on June 30 of any fiscal year shall be credited to the employees'retirement system of the state of Rhode Island and to the municipal employees'retirement system of the state of Rhode Island in the same proportion as theircontributions to the restricted receipt account established by this sectionduring the fiscal year.