§ 45-21-58 - Credits for layoffs. - Rhode-island Statutes

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Statutes > Rhode-island > Title-45 > Chapter-45-21 > 45-21-58

SECTION 45-21-58

§ 45-21-58 Credits for layoffs. – (a) Members who are laid off for any reason and are not on leave without paymay purchase up to one year's credit for retirement purposes; provided, thatthe member did not withdraw his or her retirement contributions while onlayoff, and returns to active membership; provided, further, that the memberpurchases the credit upon his or her return to service from being laid off andpays into the retirement system, in a lump sum, the amount he or she would havecontributed to the system but for the layoff plus regular interest.

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

State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-21 > 45-21-58

SECTION 45-21-58

§ 45-21-58 Credits for layoffs. – (a) Members who are laid off for any reason and are not on leave without paymay purchase up to one year's credit for retirement purposes; provided, thatthe member did not withdraw his or her retirement contributions while onlayoff, and returns to active membership; provided, further, that the memberpurchases the credit upon his or her return to service from being laid off andpays into the retirement system, in a lump sum, the amount he or she would havecontributed to the system but for the layoff plus regular interest.

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

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-45 > Chapter-45-21 > 45-21-58

SECTION 45-21-58

§ 45-21-58 Credits for layoffs. – (a) Members who are laid off for any reason and are not on leave without paymay purchase up to one year's credit for retirement purposes; provided, thatthe member did not withdraw his or her retirement contributions while onlayoff, and returns to active membership; provided, further, that the memberpurchases the credit upon his or her return to service from being laid off andpays into the retirement system, in a lump sum, the amount he or she would havecontributed to the system but for the layoff plus regular interest.

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