§ 45-21-44 - Guaranties by municipalities – Adjustment of contribution rates. - Rhode Island Statutes

SECTION 45-21-44

   § 45-21-44  Guaranties by municipalities– Adjustment of contribution rates. – Regular interest requirements, and the maintenance of reserves in accordancewith the provisions of this chapter, are guaranteed by the respectiveparticipating municipalities, which guaranty extends only to theirproportionate interests in the retirement system as determined upon the basisof the liabilities for the several benefits on account of the participatingmembers from each municipality. Adjustment shall be made at least once everyfive (5) years, as provided in this chapter, in the applicable contributionrates for the municipalities for any regular interest or reserve requirements,or for any amounts above statutory requirements, as determined by actuarialvaluation, in accordance with the provisions of this chapter.