§ 45-21-12.1 - Credit for service as a teacher or state employee.
SECTION 45-21-12.1
§ 45-21-12.1 Credit for service as ateacher or state employee. – Any member who has rendered service as a teacher, as defined under theprovisions of chapters 16 and 17 of title 16, or as a state employee, asdefined by the provisions of chapters 8 to 10 of title 36, is entitled tocredit for that service for the various purposes of this system; provided, thatthe member was a contributing member for that period. All contributions made bythe member for those periods of service shall be transferred in toto to thissystem and the retirement system shall calculate the full actuarial value ofthe accrued benefit with the former employer. If the full actuarial value ofthe accrued benefit with the former employer is greater than the total employeecontributions transferred, the retirement system shall also transfer thedifference between the full actuarial value of the accrued benefit with theformer employer and the employee's contributions from the account of the formeremployer to the account of the current employing municipality. In any case inwhich a member has received a refund or refunds of contributions made to thesystem, the allowance of the previously stated credit for service isconditioned upon the repayment of the refund or refunds, including regularinterest from the date of refund to the date of repayment. Any service asdefined in this section for which no contributions were made, may be granted;provided, that the member pays to the retirement system a lump sum paymentequal to the amount had he or she been a member during that period, plusinterest as defined in this section. The retirement board shall fix anddetermine rules and regulations that are needed to govern the provisions ofthis section.