§ 16-17.1-3 - Optional withdrawal of contributions to retirement system upon participation in another program – Notice.
SECTION 16-17.1-3
§ 16-17.1-3 Optional withdrawal ofcontributions to retirement system upon participation in another program –Notice. – An employee who elects to participate in a program as provided under §16-17.1-2(b) may further elect to withdraw the total amount of allcontributions he or she has made to the state employees retirement system,provided that the state retirement board shall be notified in writing of theemployee's intent to withdraw his or her contributions within ninety (90) daysof the date upon which the employee becomes eligible to participate in aprogram. Upon the withdrawal of funds, which shall be effected within ninety(90) days following the state retirement board's receipt of notice that theemployee is participating under a program, the employee shall thereby forfeitand relinquish all accrued rights as a member of the state employees retirementsystem.