§ 45-21.2-5.1 - Retirement credits for layoffs. - Rhode Island Statutes

SECTION 45-21.2-5.1

   § 45-21.2-5.1  Retirement credits forlayoffs. – (a) Members who are laid off for any reason, and not on leave without pay, maypurchase layoff time up to one year service credit for retirement purposes,provided the member did not withdraw his or her retirement contributions whileon the layoff, and returns to active service.

   (b) Provided, further, that the member purchases the creditwithin one year of the member's return to service from the layoff and pays intothe retirement system in a lump sum the amount the member would havecontributed to the system but for the layoff plus regular interest.

   (c) The retirement board shall fix and determine rules andregulations to govern the provisions of this section.