(a)  Every two years beginning with fiscal year 2012 on a schedule in accordance with generally accepted accounting principles, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the OPEB System, and shall make a valuation of the assets and liabilities of the system, and, taking into account the result of the investigation and valuation, the OPEB Board shall:

(1)  Adopt for the OPEB System, such mortality, service, and other tables as shall be deemed necessary in the OPEB System; and

(2)  Certify the levels of contribution payable by the state of Rhode Island to carry out the provisions of chapters 12, 12.1, and 12.2 of this title.

(3)  Certify the levels of contribution payable by the Board of Governors for Higher Education to carry out the provisions of chapter 17.1 of Title 16.

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Terms Used In Rhode Island General Laws 36-12.1-18

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(b)  On the basis of such tables as the OPEB Board shall adopt, the actuary shall make a valuation of the liabilities of the funds of the system created by this chapter and the investment advisor or investment manager appointed by the OPEB Board shall make a valuation of the assets of the OPEB System.

History of Section.
P.L. 2008, ch. 9, art. 4, § 3; P.L. 2009, ch. 5, art. 4, § 1; P.L. 2011, ch. 151, art. 21, § 1; P.L. 2011, ch. 363, § 32.