The bill amends Section 45-65-6 of the General Laws in Chapter 45-65, titled "Retirement Security Act for Locally Administered Pension Funds." It introduces changes to the certification and notice requirements for municipalities maintaining locally administered pension plans. The bill specifies that municipalities must submit their initial annual actuarial valuation study to the advisory council instead of the previously mentioned study commission, which has been dissolved. The initial actuarial experience study is due by April 1, 2012, with subsequent studies required at least once every three years, the first of which must be submitted by January 1, 2025.

Additionally, the bill outlines the procedure for municipalities to follow if their locally administered plan is in critical status, including notifying various parties and submitting a funding improvement plan. It also states that the state will reimburse municipalities for 50% of the cost of their annual actuarial valuation study due on April 1, 2012. Furthermore, the bill declares that funding improvement plans and actuarial valuation studies submitted under this section will be considered public records. The act will take effect immediately upon passage.

Statutes affected:
7460: 45-65-6