The bill amends Section 36-10-2.1 of the General Laws in Chapter 36-10, which pertains to the Retirement System Contributions and Benefits. It introduces a new provision that mandates the re-amortization of the state pension fund commencing with fiscal year 2026. The determination of the employer contribution rate will include this re-amortization. The bill outlines the methodology for determining the employer contribution rate, including the use of the entry age normal cost method and specific amortization periods for the Unfunded Actuarial Accrued Liability (UAAL). It specifies that the UAAL will be divided into two separate amortization periods and that future actuarial gains and losses will be allocated according to a defined state and municipal proportion. The act will take effect upon its passage.

Statutes affected:
5764: 36-10-2.1