Rhode Island General Laws 36-10.3-7. Vesting of contributions
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(1) The total amount contributed by the member, including associated investment gains and losses, shall immediately vest in the member and is non-forfeitable.
Terms Used In Rhode Island General Laws 36-10.3-7
- Employer: means the State of Rhode Island or the local municipality which employs a member of the Employees Retirement System under chapters 8 through 10 of title 36 or chapter 16 of Title 16 (ERS) or the Municipal Employees Retirement System under chapters 21 and 21. See Rhode Island General Laws 36-10.3-1
- Plan: means the retirement plan established by this chapter. See Rhode Island General Laws 36-10.3-1
(2) The total amount contributed by the employer, including associated investment gains and losses, vests with the member and is nonforfeitable upon completion of three (3) years of contributory service. Service credited under ERS or MERS prior to the effective date of this plan shall be credited to members for vesting purposes.
History of Section.
P.L. 2011, ch. 408, § 9; P.L. 2011, ch. 409, § 9.