Rhode Island Code of Regulations Title 120 - Treasury Department

23 Jun 2025 --
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Rhode Island Code of Regulations — Title 120

Title: Treasury Department
Scope: Rules and regulations promulgated by the Rhode Island Treasury Department, primarily through the Office of the General Treasurer and related agencies such as the Employees’ Retirement System of Rhode Island and Municipal Employees’ Retirement System.

Table of Parts (Primary Sections under Title 120)

Title 120 is organized into Parts addressing different regulatory programs:

Part 1 — Employees’ Retirement System of Rhode Island and Municipal Employees’ Retirement System Regulations
Covers rules governing retirement systems, including administrative procedures, procurement, service credit, elections, and public records access.

Part 2 — Rules and Regulations Pertaining to the Crime Victim Compensation Program
Governs the procedures and standards for the state’s program to compensate crime victims.

Part 3 — Rules and Regulations Pertaining to the Unclaimed Property Program
Establishes procedures for reporting, transfer, and administration of unclaimed property as required by state law.

Part 4 — Rules and Regulations Governing the Public Finance Management Board
Details governance, procedures, and fiscal rules for the Public Finance Management Board.

Part 5 — Regulations for the Conduct of Public Hearings Regarding Proposed Rulemaking
Sets out definitions and procedures for public hearings related to proposed changes in Treasury Department regulations.

Selected Provisions from Title 120

Part 1 — Retirement System Rules

Example — Access to Public Records (Rule 1.15)
• Employees’ and Municipal Retirement Systems must provide public access to records in accordance with the Rhode Island Access to Public Records Act.
• Public records officers and procedures are designated for handling requests, including timelines and potential costs for copying/search.

Example — Procurement Rules (Rule 1.2)
• Establishes definitions and procedures for how the retirement systems procure goods and services.
• Defines “business,” “contract,” “vendor,” competitive bidding processes, responsibilities, public access to procurement records, and requirements for vendor qualifications and compliance.

Part 3 — Unclaimed Property Program

Purpose and Authority
• Regulations are established to effectuate the Uniform Unclaimed Property Act and guide administration of unclaimed assets.

Process for Transfer (Rule 3.3)
• If unclaimed property reported involves virtual currency, holders must liquidate within 30 days prior to filing and remit proceeds to the administrator.
• Owners have no recourse for gains after liquidation.

Part 5 — Public Hearing Procedures

Definitions (Rule 5.3)
• “Agency” refers to the Office of the General Treasurer and related entities.
• “Public hearing” means a session to obtain public comment on proposed rulemaking.
• “Rules Coordinator” manages records and public inquiries regarding rule proposals.

Key Regulatory Concepts in Title 120

Agency Definitions and Roles
• The General Treasurer is the head of the Treasury Department in Rhode Island, overseeing state funds, retirement systems, unclaimed property, and other financial programs.

Rule Organization
• Regulations are identified using a standard code format like 120‑RICR‑00‑00‑X.Y (Title‑RICR‑Chapter‑Subchapter‑Part‑Section).

Rulemaking and Public Participation
• Title 120 includes procedures for notice, public hearings, and comment periods under the Rhode Island Administrative Procedures Act.

How Title 120 Is Used

• State agencies, businesses, and individuals use Title 120 to understand their responsibilities under Treasury Department programs (e.g., retirement benefits, unclaimed property reporting).
• Regulators and legal professionals reference Title 120 for compliance with retirement system operations, procurement, and administrative processes.