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.