§ 45-21-53 - Armed service credit.
SECTION 45-21-53
§ 45-21-53 Armed service credit. –(a) Any active municipal employee who served on active duty in the armedservice of the United States or in the merchant marine service of the UnitedStates as defined in § 2 of chapter 1721 of the public laws, 1946, maypurchase credit for that service up to a maximum of four (4) years, providedthat he or she received an honorable discharge; provided, further, that anyemployee on an official leave of absence for illness or injury is eligible topurchase military credits as defined in this section while on that leave ofabsence.
(b) The cost to purchase these credits is ten percent (10%)of the member's first year's earnings as a municipal employee, as defined inthis chapter, multiplied by the number of years and fraction of years of armedservice up to a maximum for four (4) years.
(c) There will be no interest charge; provided, the membermakes that purchase during his or her first five (5) years of membership in theretirement system, but will be charged regular interest to date of purchasefrom date of enrollment into membership, if purchased after completing five (5)years of membership; provided, that any member who was in the retirement systemprior to July 1, 1980, would not be charged interest whenever he or shepurchases the armed services credit.