(a) The cost of the benefits provided in §§ 16-16-25 — 16-16-38 shall be two percent (2%) of the member's annual salary up to but not exceeding an annual salary of eleven thousand five hundred dollars ($11,500); one-half (½) of the cost shall be contributed by the member by deductions from his or her salary, and the other half (½) shall be contributed and paid by the respective city, town, or school district by which the member is employed. These contributions shall be in addition to the contributions provided in § 16-16-22 and shall be paid into the teachers' survivors benefit fund created by §§ 16-16-25 — 16-16-38 in the same manner as contributions are made under the provisions of § 16-16-22.
(b) In the event the market value of the teachers' survivor benefit plan assets shall decrease below one hundred (100%) percent of the teachers' survivor benefit plan liabilities as reported by a qualified actuary pursuant to § 16-16-37, the retirement board shall determine and fix the amount of contributions necessary to maintain a funding level of not less than one hundred (100%) percent of assets to liabilities ratio. Any adjusted cost of the benefits provided in §§ 16-16-25 — 16-16-38 shall be paid for by the member by deduction from his or her salary. These contributions shall be in addition to the contributions provided in § 16-16-22 and shall be paid into the teachers' survivors benefit fund created by §§ 16-16-25 — 16-16-38 in the same manner as contributions are made under the provisions of § 16-16-22; provided, however, that payments to compensate for asset-to-liability ratios less than one hundred (100%) percent shall be amortized over individual ten-year (10) close periods. Notwithstanding anything to the contrary in this chapter or in any other provision of Rhode Island law, no benefit enhancements, beyond the current provisions within §§ 16-16-25 — 16-16-38, shall be granted until the market value of the teachers' survivor benefit plan assets shall increase above one hundred and twenty (120%) percent of the teachers' survivor benefit plan liabilities as reported by a qualified actuary pursuant to § 16-16-37.
History of Section.
P.L. 1962, ch. 212, § 3; P.L. 1974, ch. 254, § 1; P.L. 1996, ch. 295, § 1; P.L. 2004, ch. 547, § 1; P.L. 2013, ch. 501, § 28; P.L. 2017, ch. 412, § 2; P.L. 2017, ch. 413, § 2.