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 that maintain locally administered pension plans. The bill requires that the initial annual actuarial valuation study and subsequent studies be submitted to the advisory council instead of the previously mentioned study commission, which has been dissolved. Additionally, the bill mandates that the first actuarial experience study be submitted no later than January 1, 2025, and every three years thereafter.

The bill also outlines the procedure for municipalities to follow if a locally administered plan is in critical status, including notifying various parties and submitting a funding improvement plan. It states that the state will reimburse municipalities for 50% of the cost of the required 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 are public records. The act will take effect immediately upon passage.

Statutes affected:
2756: 45-65-6