§ 16-16-8 - Credit for service as a state or municipal employee. - Rhode Island Statutes

SECTION 16-16-8

   § 16-16-8  Credit for service as a state ormunicipal employee. – Any member who shall have rendered service as a state employee as defined bythe provisions of chapter 17 of this title and chapters 8 – 10 of title 36or who shall have rendered service as an employee of a participatingmunicipality, as defined by chapter 21 of title 45, shall be entitled to creditfor his or her service for the various purposes of this system, provided themember shall have been a contributing member for that period. All contributionsmade by the member shall be transferred in toto to this system for the periodsof service and the retirement system shall calculate the full actuarial valueof the accrued benefit with the former employer. If the full actuarial value ofthe accrued benefit with the former employer is greater than the total employeecontributions transferred, the retirement system shall also transfer thedifference between full actuarial value of the accrued benefit with the formeremployer and the employee's contributions from the account of the formeremployer to the account of the current employer. In any case in which a membershall have received a refund or refunds of contributions made to the system,the allowance of the credit for service shall be conditioned upon the repaymentof the full actuarial cost as defined in § 36-8-1(9). Any service asdefined in this section for which no contributions were made may be grantedprovided the member pays to the retirement system the full actuarial cost asdefined in § 36-8-1(9). The retirement board shall fix and determine therules and regulations needed to govern the provisions of this section.