§ 36-10-8 - Refund of contributions – Repayment and restoration of credits. - Rhode Island Statutes

SECTION 36-10-8

   § 36-10-8  Refund of contributions –Repayment and restoration of credits. – A member who withdraws from service or ceases to be a member for any reasonother than death or retirement shall be paid on demand a refund consisting ofthe accumulated contributions standing to his or her credit in his or herindividual account in the annuity savings account, without interest. Any memberreceiving a refund shall thereby forfeit and relinquish all accrued rights as amember of the system together with credits for total service previously grantedto the member; provided, however, that if any member who has received a refundshall subsequently reenter the service and again become a member of the system,he or she shall have the privilege of restoring all money previously receivedor disbursed to his or her credit as a refund of contributions, plus regularinterest for the period from the date of refund to the date of the restoration.Upon the repayment of such refund including accrued interest as hereinprovided, the member shall again receive credit for the amount of total servicewhich he or she had previously forfeited by the acceptance of the refund. Therestoration of that credit shall be permitted only after the member shall haverendered at least one year of continuous service following his or her latestreentry into service for which he or she shall have made contributions to thissystem.