Rhode Island General Laws 45-21-14.2. Leave of absence credits
(a) Members with at least one year of membership credits who have been granted an official leave of absence without pay for illness, injury, educational or, any other reason, may receive credit for the leave by making contributions to the retirement system, in a lump sum, in an amount equal to the contribution the member would have made to the retirement system based upon the member’s expected compensation but for the granting of leave without pay, plus regular interest compounded annually to date of payment; provided, that the member returns to service for at least one year immediately upon completion of that leave. Credit for leaves of absence under this section are limited, in the aggregate, during the total service of a member to a period of four (4) years maximum. Effective July 1, 2012, any purchase requested under this paragraph shall be made by a member at full actuarial cost.
Terms Used In Rhode Island General Laws 45-21-14.2
- board: means the state retirement board created by chapter 8 of Title 36. See Rhode Island General Laws 45-21-2
- Member: means any person included in the membership of the retirement system as provided in §?45-21-8. See Rhode Island General Laws 45-21-2
- Regular interest: means interest at the assumed investment rate of return, compounded annually, as may be prescribed from time to time by the retirement board. See Rhode Island General Laws 45-21-2
- Retirement system: means the "municipal employees' retirement system of the state of Rhode Island" as defined in §?45-21-32. See Rhode Island General Laws 45-21-2
- Service: means service as an employee of a municipality of the state of Rhode Island as defined in subdivision (7). See Rhode Island General Laws 45-21-2
- Total service: means prior service as defined in subdivision (15) plus service rendered as a member on or after the effective date of participation. See Rhode Island General Laws 45-21-2
(b) The retirement board fixes the time when and the conditions under which payments are made under this section.
(c) This section is exempt from the provisions of § 45-13-6 — § 45-13-10.
History of Section.
P.L. 1981, ch. 190, § 1; P.L. 1994, ch. 139, § 7; P.L. 2011, ch. 408, § 11; P.L. 2011, ch. 409, § 11.