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 4, beginning on line 29, by striking subsection (C)(2), and inserting:
/ (2) If the
scheduled employer and employee contributions provided in
subsection (A), or the rates last adopted by the board pursuant
to subsection (B), are insufficient to maintain a thirty
year amortization schedule for the unfunded
liabilities of the system meet the funding period
set forth in item (1) for the applicable year, then the
board shall increase the employer contribution rate
as provided in subsection (A) or as last adopted by the
board in equal percentage amounts for employer
and employee contributions as necessary to
maintain an amortization schedule of no more than thirty
years meet the funding period set forth in item
(1). Such adjustments may be made without regard to the
annual limit increase of one-half of one percent of
earnable compensation provided pursuant to subsection
(B), but the differential in the employer and employee
contribution rates provided in subsection (A) or subsection (B),
as applicable, of this section must be maintained at the rate
provided in the schedule for the applicable fiscal
year. Participating employers must be notified of
any contribution rate increase required by this item by July
first of the fiscal year preceding the fiscal year in which the
increase takes effect.
/
Amend further Section 9-11-225, SECTION 2, PART I, page 7, beginning on line 7, by striking subsection (C)(2) and inserting:
/ (2) If the
scheduled employer and employee contributions provided in
subsection (A), or the rates last adopted by the board pursuant
to subsection (B), are insufficient to maintain a thirty
year amortization schedule for the unfunded
liabilities of the system meet the funding period
set forth in item (1), for the applicable year, then the
board shall increase the employer contribution rate
as provided in subsection (A) or as last adopted by the
board in equal percentage amounts for employer
and employee contributions as necessary to
maintain an amortization schedule of no more than thirty
years meet the funding period set forth in item
(1). Such adjustments may be made without regard to the
annual limit increase of one-half of one percent of
earnable compensation provided pursuant to subsection
(B), but the differential in the employer and employee
contribution rates provided in subsection (A) or subsection (B),
as applicable, of this section must be maintained at the rate
provided in the schedule for the applicable fiscal
year. Participating employers must be notified of
any contribution rate increase required by this item by July
first of the fiscal year preceding the fiscal year in which the
increase takes effect.
/
Renumber sections to conform.
Amend title to conform.