It is hereby found and declared as follows:
(a) The fiscal health of its municipalities is of paramount importance to the state of Rhode Island;
(b) Local municipalities in Rhode Island are facing ever-increasing costs for retirement related expenses;
(c) Retirement plans represent significant cost drivers for municipal budgets;
(d) Many municipalities currently have significantly under-funded retirement plans;
(e) These unfunded liabilities either jeopardize or threaten to jeopardize the fiscal stability of municipalities;
(f) Fiscal instability in a municipality adversely affects the state's financial interests; and
(g) Local municipalities should be encouraged to improve the sustainability of their retirement plans by reducing the unfunded liabilities thereunder and by funding the plans in a fiscally responsible manner.
History of Section.
P.L. 2013, ch. 144, art. 11, § 1.