(a)  Any member who has received a refund upon withdrawal from service has the privilege of making a repayment to the system of the amount that the member received as a refund, including regular interest from the date of receipt of the refund to the date of repayment of the refund to the system.

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Terms Used In Rhode Island General Laws 45-21-29

  • 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
  • Municipality: means any town or city in the state of Rhode Island, any city or town housing authority, fire, water, sewer district, regional school district, public building authority as established by chapter 14 of Title 37, or any other municipal financed agency to which the retirement board has approved admission in the retirement system. 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
  • 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

(b)  The privilege of repayment of any refund under the provisions of this section is not operative until a member has rendered at least one year of service following the member’s latest reentry into the service of the municipality occurring subsequent to the date of the receipt of the refund.

(c)  Upon the restoration of the refund, the service credits previously forfeited by the receipt of the refund are reinstated to the account of the member.

(d)  The privilege of repayment extends and applies to all refunds received by a member prior to the filing of an application under the provisions of this section and not to any individual amount, and all refunds are repayable at the same time and in a single sum.

History of Section.
P.L. 1951, ch. 2784, § 8; G.L. 1956, § 45-21-29; R.P.L. 1957, ch. 135, § 2; P.L. 1981, ch. 192, § 1.