§ 45-21-42.1 — § 45-21-42.1. Payment of administrative expenses of the retirement board and maintaining the retirement system — Restricted receipt account.

Rhode Island § 45-21-42.1

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-21: Retirement of Municipal Employees

Text

§ 45-21-42.1. Payment of administrative expenses of the retirement board and maintaining the retirement system — Restricted receipt account.

There is transferred to the restricted receipt account established in § 36-8-10.1 up to a maximum of 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 of the municipal employees' retirement system of the state of Rhode Island as reported in the annual report of the auditor general for the next preceding five fiscal years.

Legislative History

P.L. 1985, ch. 181, art. 7, § 2; P.L. 1986, ch. 287, art. 10, § 2; P.L. 2003, ch. 376, art. 25, § 2.