§ 45-21-6 - Settlement on withdrawal from system. - Rhode Island Statutes

SECTION 45-21-6

   § 45-21-6  Settlement on withdrawal fromsystem. – (a) Upon withdrawal from the system, the retirement board retains in the systemfrom contributions made by the members from the municipality and by themunicipality the following amounts:

   (1) An amount equal to the actuarial value, determined inaccordance with the actuarial tables in use by the system, of the retirementand disability allowances in force, being paid to former employees of themunicipality who were granted allowances as members of the system or to thebeneficiaries of those members;

   (2) An amount equal to the actuarial value of deferredannuities to members who have not retired but who have acquired a vested rightto a retirement allowance who may desire to maintain that vested right; and

   (3) An amount equal to the accumulated contributions of themembers who have not acquired a vested right which shall be refunded to thosemembers.

   (b) Any remainder in the system after providing for theforegoing amounts shall be paid over to the municipality; provided, that if noremainder exists and a deficiency to pay those amounts has accumulated, themunicipality is liable to the system for the amount of the deficiency asprovided in this section.