§ 45-21-5 - Procedure for withdrawal of municipality.
SECTION 45-21-5
§ 45-21-5 Procedure for withdrawal ofmunicipality. – A municipality may withdraw from the retirement system established by thischapter or may withdraw any of its departments or agencies by the sameprocedure provided in § 45-21-4 for acceptance of the chapter; provided,that the withdrawal does not relieve the municipality from the liabilitiesarising from retirement allowances, annuities, or other benefits alreadygranted or determined, or rights and expectatives relative thereto that havebecome vested in employees of that municipality or in the survivors of thoseemployees, which are discharged by the payment by the retirement system to theemployees or beneficiaries concerned, computed according to the actuarialtables in use by the system; and provided, further, that the withdrawal isconditioned upon the written approval of a majority of the employees in thedepartment or agency.