RI H7369

Municipalities contributing materially less than 100% of the actuarially determined contribution (ADC) to pension plans must submit actuarial valuations and funding recommendations to the auditor general and director of revenue within 3 months of completing annual audited financial statements.

Extends the same reporting requirements to other post-employment benefit (OPEB) plans when municipalities underfund the ADC, requiring submission of actuarial valuations and plans to achieve 100% funding.

Municipalities must consult with the auditor general until approved pension and OPEB funding plans are adopted.

Updates statutory references from specific GASB statement numbers to general "Governmental Accounting Standards Board requirements" to accommodate future accounting standard changes.

Municipalities may create OPEB trust agreements with banks or trust companies to fund unfunded liabilities for health care and other post-employment benefits.