Rhode Island General Laws 16-17.1-5. Method of computing benefits under state employees retirement system for employees in a program
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Where an employee has elected to participate in a program in accordance with the provisions of § 16-17.1-2(b), only the years of the employee’s service prior to making the election to participate under the program shall be considered as years of service for the purposes of computing the benefits available under the state employees retirement system pursuant to chapter 10 of Title 36, provided that for the purpose of determining an employee’s service retirement allowance pursuant to § 36-10-10, average compensation shall be determined in accordance with § 16-17.1-1(1) notwithstanding anything contained in the general laws to the contrary.
History of Section.
P.L. 1967, ch. 152, § 3; P.L. 1988, ch. 84, § 49.
Terms Used In Rhode Island General Laws 16-17.1-5
- Average compensation: means the average of the annual contractual or yearly salary of an employee during the five (5) consecutive years of employment when average compensation was the highest either: (i) as an employee under the program, or (ii) as a member of the state employees retirement system. See Rhode Island General Laws 16-17.1-1
- Employees: means presidents, professors, instructors, or other employees of the board who are eligible to participate in any retirement program by virtue of the terms of the program and who are exempt from the merit system; except as provided in this chapter, if an employee of the board who participates in the program shall change classifications, he or she shall have the option to remain with the program. See Rhode Island General Laws 16-17.1-1
- program: means any retirement program adopted by the board of regents for higher education for any of its employees as defined in this section. See Rhode Island General Laws 16-17.1-1