§ 42-28-22.1 - Retirement contribution. - Rhode Island Statutes

SECTION 42-28-22.1

   § 42-28-22.1  Retirement contribution.– (a) Each member of the state police initially hired after July 1, 1987 shallhave deducted from "compensation" as defined in § 36-8-1(11) beginningJuly 1, 1989, an amount equal to a rate percent of such compensation asspecified in § 36-10-1 relating to member contributions to the stateretirement system. The receipts collected from members of the state policeshall be deposited in a restricted revenue account entitled "state policeretirement benefits". The proceeds deposited in this account shall be held intrust for the purpose of paying retirement benefits to participating members ofthe state police or their beneficiaries. The retirement board shall establishrules and regulations to govern the provisions of this section.

   (b) A member of the state police who withdraws from serviceor ceases to be a member for any reason other than death or retirement, shallbe paid on demand a refund consisting of the accumulated contributions standingto his or her credit in his or her individual account in the state policeretirement benefits account. Any member receiving a refund shall therebyforfeit and relinquish all accrued rights as a member of the system togetherwith credits for total service previously granted to the member; provided,however, that if any member who has received a refund shall subsequentlyreenter the service and again become a member of the system, he or she shallhave the privilege of restoring all moneys previously received or disbursed tohis or her credit as refund of contributions.

   (c) Upon the repayment of the refund as herein provided, themember shall again receive credit for the amount of total service which he orshe had previously forfeited by the acceptance of the refund.