It is hereby found and declared as follows: (a) The fiscal health of its municipalities is of paramount importance to the state of Rhode Island; (b) Local municipalities in Rhode Island are facing ever-increasing costs for retirement related expenses; (c) Retirement plans represent significant cost drivers for municipal budgets; (d) Many municipalities currently have significantly under-funded retirement plans; (e) These unfunded liabilities either jeopardize or threaten to jeopardize the fiscal stability of municipalities; (f) Fiscal instability in a municipality adversely affects the state’s financial interests; and (g) Local municipalities should be encouraged to improve the sustainability of their retirement plans by reducing the unfunded liabilities thereunder and by funding the plans in a fiscally responsible manner. History of Section.P.L. 2013, ch. 144, art. 11, § 1.
Rhode Island Legal Code