(a) To determine the employer contribution rate for any participating municipality, the actuary shall compute the costs under chapters 21 and 21.2 of title 45 using the entry age normal cost method.
(b) The determination of the employer contribution rate for fiscal year 2013 shall include a re-amortization of the unfunded actuarial accrued liability (UAAL) over a closed twenty-five (25) year period. After an initial period of five (5) years, future actuarial gains and losses occurring within a plan year will be amortized over individual new twenty (20) year closed periods.
(c) The determination of the employer contribution rate commencing with fiscal year 2017 shall include a re-amortization of the current unfunded actuarial accrued liability as of June 30, 2014, over a closed twenty-five (25) year period. Future actuarial gains and losses occurring within a plan year will be amortized over individual new twenty (20) year closed periods. Employers shall have the one-time option before August 1, 2015, to remain under the amortization schedule set forth in subsection (b) above.
History of Section.
P.L. 2015, ch. 141, art. 21, § 20.