(a) Each municipality shall make contributions to the system to provide for the remainder of the obligation for retirement allowances, annuities, and other benefits provided in this chapter, after applying the accumulated contributions of the members, interest income on investments of the system, and other income accruing to the system. These contributions shall, in any event, be sufficient to establish and maintain a reserve equal to the sum of:
(1) The full credits for accumulated contributions in the "members' contribution reserve" described in § 45-21-43;
(2) The present value, determined in accordance with the actuarial tables in use by the system, of the retirement allowances, disability allowances, accidental death benefits, and other benefits in force, chargeable to the "retirement reserve" described in § 45-21-43; and
(3) The present value of deferred annuities to members who have acquired a vested right under the provisions of § 45-21-18.
(b) The rate of contribution on the part of each municipality, to meet its obligations under this chapter, is the rate certified by the retirement board at the date of participation of the municipality. The rate is redetermined at least once every five (5) years and certified by the retirement board, upon recommendation of the actuary, following an evaluation and analysis of the operating experience of the system and of the assets, liabilities, and reserves of the system. Nothing contained in this chapter is deemed to impose any obligation upon any municipality for service which may have been rendered by an employee of one municipality in behalf of another municipality.
(c) In case of failure of any city or town to pay to the state the amounts due from it under this title within the time prescribed, the general treasurer is hereby authorized to deduct that amount from any moneys due the city or town from the state for any purpose other than for education.
(d) Notwithstanding any other provisions of the general laws, the payment of the contributions for the employers' share shall be remitted to the retirement board on the date contributions are withheld but no later than three (3) business days following the pay period ending in which contributions were withheld.
(e) This section is not subject to §§ 45-13-7 — 45-13-10, as amended.
History of Section.
P.L. 1951, ch. 2784, § 13; G.L. 1956, § 45-21-42; R.P.L. 1957, ch. 135, § 4; P.L. 1959, ch. 23, § 7; P.L. 1965, ch. 236, § 1; P.L. 1981, ch. 337, § 1; P.L. 1988, ch. 509, § 3; P.L. 2019, ch. 205, § 9; P.L. 2019, ch. 271, § 9.