Bill > S3127

This bill amends audit compliance requirements for municipalities' contributions to pension and other post-employment benefit (OPEB) plans, which are types of benefits provided to employees after they retire, such as healthcare. Specifically, it clarifies that if a municipality contributes less than 100% of the "actuarially determined contribution" (ADC) – the amount calculated by an actuary to be necessary to fund pension and OPEB obligations – it must submit its most recent actuarial valuations and management's plans for achieving full ADC funding to the auditor general and director of revenue. The bill also allows municipalities to create OPEB trust agreements, which are dedicated funds for managing and paying for these post-employment benefits, and requires municipalities to consult with the auditor general until approved funding plans are adopted. The bill takes effect upon passage.

Budget and Finance

https://status.rilegislature.gov/