Reference is to Printer's Date 2/21/17--H.
Amend the bill, as and if amended, Section 9-1-1085, SECTION 1, PART I, page 5, beginning on line 5, by striking subsection (D)(1), and inserting:
/ (1) After June 30, 2015
2027, if the most recent annual actuarial valuation of
the system shows a ratio of the actuarial value of system assets
to the actuarial accrued liability of the system (the funded
ratio) that is equal to or greater than ninety
eighty-five percent, then the board, effective on the
following July first, may decrease the then current employer
and employee contribution rates in equal amounts upon
making a finding that the decrease will not result in a funded
ratio of less than ninety eighty-five
percent. However, the employee contribution rate may not be
less than one-half of the normal cost for the system and any
contribution reduction allowed by this item after the employee
contribution rate equals one-half of the normal cost must be a
reduction in the employer contribution rate. Any
decrease in contribution rates must maintain the 2.9 percent
differential between employer and employee contribution rates
provided pursuant to subsection (B) of this section.
/
Amend further, Section 9-11-225, SECTION 2, PART I, page 7, beginning on line 26, by striking subsection (D)(1) and inserting:
/ (1) After June 30,
2015 2027, if the most recent annual
actuarial valuation of the system shows a ratio of the actuarial
value of system assets to the actuarial accrued liability of the
system (the funded ratio) that is equal to or greater than
ninety eighty-five percent, then the
board, effective on the following July first, may decrease the
then current employer and employee contribution rates
in equal amounts upon making a finding that the decrease
will not result in a funded ratio of less than
ninety eighty-five percent. However,
the employee contribution rate may not be less than one-half of
the normal cost for the system and any contribution reduction
allowed by this item after the employee contribution rate equals
one-half of the normal cost must be a reduction in the employer
contribution rate. Any decrease in contribution
rates must maintain the 5.0 percent differential between
employer and employee contribution rates provided pursuant to
subsection (B) of this section.
/
Renumber sections to conform.
Amend title to conform.