§ 45-21-56 - Credit for other municipal service.
SECTION 45-21-56
§ 45-21-56 Credit for other municipalservice. – (a) Any member who was employed by a municipality, as defined in §45-21-2, which did not elect to accept this chapter, as provided in §45-21-4, shall be given credit for that service for the various purposes ofthis system; provided, that the member pays to the retirement system a lump sumamount equal to the full actuarial cost of that credit as certified by theretirement board.
(b) The retirement board shall fix and determine rules andregulations to govern the provisions of this section.
(c) If any member who was employed by a participatingmunicipality is subsequently hired by a different participating municipality,his or her service credits from the former employer shall transfer in toto tothe current employer. The retirement system shall transfer all prior employeecontributions to the account of the current employing municipality andcalculate the full actuarial value of the accrued benefit with the formeremploying municipality. If the full actuarial value of the accrued benefit withthe former employer is greater than the total employee contributionstransferred, the retirement system shall also transfer the difference betweenthe full actuarial value of the accrued benefit with the former employer andthe employee's contributions from the account of the former employingmunicipality to the account of the current employing municipality.