Title 36, Title 36 Officers and Employees

(a) The Board shall elect a Chairperson and Secretary. Moreover, the State Controller shall serve as the Treasurer. (b) Any negotiated agreement entered into after July 1, 2010, between any state or municipal agency or department and an employee or employees, whose conditions are…

The State Controller, under the direction and supervision of the OPEB Board, shall be charged with the establishment and maintenance of such accounts and statistical records as the OPEB Board may require and he or she shall employ such clerical assistance as shall be necessary to…

(a) There is hereby created within the general fund a restricted receipt account entitled the “OPEB system restricted receipt account”, the proceeds of which shall be used solely to pay the expenses of the OPEB Board, the cost of maintaining the OPEB System, and the costs of admi…

The General Treasurer and the state Retirement System, shall collect and keep in convenient form such data as shall be necessary for the preparation of the mortality and service tables and for the compilation of such other information as shall be required for the actuarial valuat…

Immediately after his or her selection, the actuary shall make such investigation of the mortality, service, and compensation experience of the members as the OPEB Board shall authorize for the purpose of determining the proper tables to be prepared and submitted to the OPEB Boar…

(a) Every two years beginning with fiscal year 2012 on a schedule in accordance with generally accepted accounting principles, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the OPEB S…

(a) The State of Rhode Island shall make its contribution for the maintenance of the system, including the proper and timely payment of benefits, by annually appropriating an amount equal to a percentage of the total compensation paid to the active membership and teacher payroll …

The purpose of the Health Insurance and Benefits Funding Act is to address the necessity of funding the State’s unfunded liability for retiree health care benefits required by recent accounting changes and prudent resource management.

The OPEB Board shall establish one or more trust funds and/or sub trusts to hold the assets of the OPEB System, to be known as the Rhode Island OPEB System Trust. Title and legal ownership of all assets of the OPEB System shall be in the name of the Rhode Island OPEB System Trust…

(a) All money immediately required for the payment of OPEB Benefits shall be invested only in accordance with the written objectives and guidelines established by the state investment commission pursuant to the provisions of chapter 10 of title 35 and other applicable law. (b) Al…

The OPEB Board shall credit all earned investment income from interest and dividends on investments and bank deposits during any fiscal year to the Rhode Island OPEB System Trust.

Except as herein provided, no member of the OPEB Board and no employee of the OPEB Board shall have any interest, direct or indirect, in the gains or profits of any investment made by the OPEB Board, nor as such directly or indirectly receive any pay or emolument for his or her s…

All OPEB Benefits shall be paid from the Rhode Island OPEB System Trust, subject to the oversight and approval of the OPEB Board.

The auditor general shall conduct upon the request of the OPEB Board a separate annual performance audit of the OPEB System which shall include a report on the actuarial valuation of the assets and liabilities of the OPEB System. The auditor general may examine all records, files…

(a) Intent. It is intended that the OPEB System and the Rhode Island OPEB System Trust satisfy the requirements of § 115 or § 501(c)(9) of the Internal Revenue Code of 1986 as amended from time to time, 26 U.S.C. §§ 115, 501(c)(9) -, (hereinafter referred to as the “Code”), in fo…

(a) If any provision of this chapter 36-12.1 of this title, any rule, or regulation made thereunder, or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction the remainder of this chapter, rules, or regulations and the applicat…

Notwithstanding any law to the contrary, the provisions of Chapter 36-12.1 entitled “Retiree Health Care Trust Fund” shall be implemented by July 1, 2010.

The general assembly finds that the State faces a significant unfunded liability associated with its retiree health care benefits programs. To date, the State has been funding retiree health care benefits on a pay-as-you-go basis. Recently established governmental accounting stan…

The following words and phrases as used in the act, unless a different meaning is plainly required by the context, shall have the following meanings: (1) “Actuary” means the actuary retained by the OPEB Board pursuant to § 36-12.1-15 hereof. (2) “Alternate retirement plans” shall…

An OPEB System is hereby established and placed under the management of the OPEB Board for the purpose of providing and administering OPEB Benefits for Retired Employees of the State of Rhode Island and their dependants under the provisions of chapter 36-12, entitled “Insurance B…

The general administration and the responsibility for the proper operation of the OPEB System and for making effective the provisions of chapter 36-12 of this title are hereby vested in an OPEB Board. The OPEB Board shall, from time to time, establish rules and regulations for th…

The OPEB Board shall consist of the State Controller, the State Budget Officer, the State Personnel Administrator and the General Treasurer, or their designees.

Meetings shall be held at such place as may be designated in the call of the meeting, provided at no cost to the state, at the call of the chairperson.

The OPEB Board shall be responsible for the administration and operation of the OPEB System, determination of the amount of annual contributions, and oversight of OPEB Benefit payments to Retired Employees and their dependents. The OPEB Board shall have the power to collect contr…