This bill amends the existing laws regarding municipal compliance with pension funding and other post-employment benefits (OPEB) in Rhode Island. It introduces new requirements for municipalities that contribute materially less than 100% of the actuarially determined contribution (ADC) to their pension and OPEB plans. Specifically, municipalities must submit their most recent actuarial valuations and management recommendations for planned future contributions to the auditor general and the director of revenue within three months of completing their annual audited financial statements.

Additionally, municipalities are required to consult with the auditor general until approved pension and OPEB funding plans are adopted. The bill also allows municipalities to create OPEB trust agreements if they are not currently in place, providing a mechanism to fund any unfunded liabilities for post-employment benefits. It ratifies any existing OPEB trusts and clarifies that these trusts are not exempt from the Rhode Island Access to Public Records Act. The act will take effect upon passage.

Statutes affected:
5947: 45-10-15, 45-21-65