The bill amends Section 45-10-15 of the General Laws to enhance compliance requirements for municipalities regarding their contributions to pension and other post-employment benefit (OPEB) plans. It introduces new language that mandates municipalities to submit their actuarial valuations and management recommendations for achieving 100% actuarially determined contributions (ADC) to both pension and OPEB plans if they contribute materially less than the required amount. The bill also specifies that municipalities must consult with the auditor general until approved funding plans are adopted. Additionally, it allows municipalities to create OPEB trust agreements if they are not already in place.

Furthermore, the bill amends Section 45-21-65 to clarify the establishment and management of OPEB trust funds. It allows municipalities to enter into trust agreements with corporate trustees for funding unfunded liabilities related to OPEB, ensuring that these funds are used solely for OPEB costs. The bill also ratifies existing OPEB trusts and emphasizes that these trusts are subject to the Rhode Island Access to Public Records Act. Overall, the act aims to strengthen the financial accountability of municipalities in managing their pension and OPEB obligations, taking effect upon passage.