The bill amends Section 45-12-22.4 of the General Laws concerning the indebtedness of towns and cities, specifically addressing the financing of deficits, pensions, and other post-employment benefits. It establishes that any municipality or quasi-public agency that has not made its annual contribution to its other post-employment benefits trust or if the trust is less than thirty-five percent (35%) funded, shall file an annual report with the department of municipal finance. This report must include either (i) a plan to make its trust payment within three (3) years or (ii) a plan to achieve at least thirty-five percent (35%) funding within ten (10) years. The act is set to take effect upon passage.

Statutes affected:
5962: 45-12-22.4