§ 45-65-4. Definitions.
As used in this chapter the following terms shall have the following meanings:
(1) "Actuarial experience study� means a report provided by an actuary that includes a
recent discussion of plan experience, recommendations for actuarial assumptions and
methods, and information about the actuarial impact of these recommendations on the
liabilities and other key actuarial measures.
(2) "Annual actuarial valuation study� means a valuation of a locally administered plan
completed by an actuary, and a certification based on that valuation indicating whether
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§ 45-65-4. Definitions.
As used in this chapter the following terms shall have the following meanings:
(1) "Actuarial experience study� means a report provided by an actuary that includes a
recent discussion of plan experience, recommendations for actuarial assumptions and
methods, and information about the actuarial impact of these recommendations on the
liabilities and other key actuarial measures.
(2) "Annual actuarial valuation study� means a valuation of a locally administered plan
completed by an actuary, and a certification based on that valuation indicating whether
such plan is or is not in critical status, on an annual basis.
(3) "Critical status� means that, as determined by its actuary, as of the beginning of
the plan year, a plan's funded percentage for such plan year is less than sixty percent
(60%).
(4) "Locally administered plan� or "plan� means any defined benefit pension plan established
by a municipality for its employees, other than: (a) A plan that is part of the Employees'
Retirement System of Rhode Island as defined in chapter 8 of title 36 or the Municipal Employees' Retirement System of Rhode Island as defined in chapter
21 of this title; or (b) A plan established by a municipality that has filed for bankruptcy
protection pursuant to chapter 9 of title 11 of the United States Code, a plan established by a municipality for which a receiver
has been appointed pursuant to chapter 9 of this title or a plan established by a
municipality for which a fiscal overseer has been appointed pursuant to chapter 9
of this title.
(5) "Municipality� means any town or city in the State of Rhode Island, any city or town
housing authority, fire, water, sewer district, regional school district or public
building authority as established by chapter 14 of title 37.