§ 36-8-10.1 — § 36-8-10.1. Payment of administrative expense of the retirement board and maintaining the retirement system — Restricted receipts account.

Rhode Island § 36-8-10.1

• Jurisdiction: Rhode Island
• Title 36: Public Officers and Employees
• Ch. 36-8: Retirement System — Administration

Text

§ 36-8-10.1. Payment of administrative expense of the retirement board and maintaining the retirement system — Restricted receipts account.

(a) There is hereby created a restricted receipt account, under the control of the general treasurer, the proceeds of which shall be used solely to pay the expenses of the retirement board, the cost of maintaining the retirement system, and the costs of administering the retirement system.

(b) There shall be transferred to this restricted receipt account 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 total investments before lending activities as reported in the annual report of the auditor general for the next preceding five fiscal years. Any nonencumbered funds 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 their contributions to the restricted receipt account established by this section during the fiscal year.

Legislative History

P.L. 1985, ch. 181, art. 7, § 1; P.L. 1986, ch. 287, art. 10, § 1; P.L. 1987, ch. 60, art. 1, § 5; P.L. 2003, ch. 376, art. 25, § 1.