§ 16-16-8.1 - Purchase of service credits payable by installment.
SECTION 16-16-8.1
§ 16-16-8.1 Purchase of service creditspayable by installment. – Notwithstanding any other provisions of this chapter or of any other public orgeneral law to the contrary, the retirement board shall permit individuals whopurchase service credit to do so in installments. The retirement board shallcreate, by rule and regulation, provisions allowing that individuals purchasingservice credit may do so on an installment plan by payroll deduction not toexceed five (5) years, provided that all purchases must be made prior toretirement. The retirement board shall charge interest at the actuarial assumedrate of return adopted by the board for purchases made on an installment plan.