Proposed legislation which directly impacts the retirement system can potentially affect the benefits of all plan participants and beneficiaries. Since it is in the best interests of plan participants and beneficiaries to determine the financial consequences of any proposed legislation which would directly impact the state's liability to the retirement system, such legislation shall not be approved by the general assembly unless an explanatory statement or note, prepared and paid for by the employees' retirement system of the state of Rhode Island is appended to the proposed legislation which actuarially calculates, based upon approved retirement board assumptions, the projected twenty (20) year cost of the proposed legislation. These statements or notes shall be known as "pension impact notes," and they shall accompany each such bill or resolution prior to consideration of the house in which the bill or resolution originated. The reasonable cost of preparing pension impact notes shall be charged as an administrative expense and paid from the retirement system's restricted receipts account established pursuant to § 36-8-10.1. Only the chair of the senate committee on finance with the approval of the president of the senate can request a pension impact note on proposed legislation that originates in the senate. Only the chair of the house committee on finance with the approval of the speaker of the house can request a pension impact note on proposed legislation that originates in the house. The governor can request a pension impact note on proposed legislation recommended in the appropriation acts required by §§ 35-3-7 or 35-3-8. This section shall be in addition to the requirements of chapter 12 of title 22.
History of Section.
P.L. 1994, ch. 139, § 8; P.L. 2008, ch. 100, art. 23, § 2.