§ 42-28-22.2. State contributions. [Effective July 1, 2020.] The state of Rhode Island shall make its contribution for the maintaining of the system established by § 42-28-22.1 and providing the annuities, benefits, and retirement allowances in accordance with the provisions of this chapter by (a) annually appropriating an amount that will pay a rate percent of the compensation paid after July 1, 1989, to members of the state police hired after July 1, 1987, and (b) appropriating an amount which will amortize the unfunded liability associated with the benefits payable to members of the state police hired on or before July 1, 1987. The dollar amount specified in subsection (b) above shall be computed on an actuarial basis using an eighteen-year (18) amortization schedule commencing on July 1, 2015, taking into account an initial supplemental contribution from the state, and certified in accordance with the procedures set forth in §§ 36-8-13 and 36-10-2 under rules and regulations promulgated by the retirement board pursuant to § 36-8-3. The contributions shall be transmitted on the date contributions are withheld but no later than three (3) business days following the pay period ending in which contributions were withheld.

History of Section. (P.L. 1989, ch. 494, § 6; P.L. 2009, ch. 5, art. 10, § 5; P.L. 2009, ch. 68, art. 7, § 11; P.L. 2010, ch. 9, § 4; P.L. 2010, ch. 10, § 4; P.L. 2011, ch. 408, § 13; P.L. 2011, ch. 409, § 13; P.L. 2015, ch. 141, art. 12, § 2; P.L. 2019, ch. 205, § 8; P.L. 2019, ch. 271, § 8.)