Rhode Island General Laws 45-21-58. Credits for layoffs
(a) Members who are laid off for any reason and are not on leave without pay may purchase up to one year’s credit for retirement purposes; provided, that the member did not withdraw his or her retirement contributions while on layoff, and returns to active membership; provided, further, that the member purchases the credit upon his or her return to service from being laid off and pays into the retirement system, in a lump sum, the amount he or she would have contributed to the system but for the layoff plus regular interest. Effective July 1, 2012, any purchase under this paragraph shall be at full actuarial cost.
Terms Used In Rhode Island General Laws 45-21-58
- 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
(b) The retirement board shall fix and determine rules and regulations to govern the provisions of this section.
History of Section.
P.L. 1989, ch. 474, § 3; P.L. 2011, ch. 408, § 11; P.L. 2011, ch. 409, § 11.