§ 16-16-32 - Refund on retirement.
SECTION 16-16-32
§ 16-16-32 Refund on retirement. –A member at the date of retirement in lieu of the survivors benefits providedin §§ 16-16-25 – 16-16-38 may elect to receive a lump sumpayment equal to his or her contributions to the teachers' survivors benefitfund, plus interest. Any member who retired prior to the effective date of thislegislation shall have one hundred twenty (120) days from the effective date ofthis legislation to elect to receive a lump sum payment equal to his or hercontributions to the teachers' survivors benefit fund, plus interest. Interestis to be calculated and payable only up to the date of retirement.