Chapter 551

2004 -- H 7492 AS AMENDED

Enacted 07/09/04

A N A C T

RELATING TO EDUCATION -- TEACHERS' RETIREMENT

Introduced By: Representatives Lewiss, Gallison, Anguilla, Crowley, and Mumford

Date Introduced: February 04, 2004

It is enacted by the General Assembly as follows:

     SECTION 1. Section 16-16-32 of the General Laws in Chapter 16-16 entitled "Teachers'

Retirement" is hereby amended to read as follows:

16-16-32. Refund on retirement. -- A member at the date of retirement in lieu of the

survivors benefits provided in sections 16-16-25 through 16-16-38 may elect to receive a lump

sum payment equal to his or her contributions to the teachers' survivors benefit fund, plus interest.

Any member who retired prior to the effective date of this legislation shall have one hundred

twenty (120) days from the effective date of this legislation to elect to receive a lump sum

payment equal to his or her contributions to the teachers' survivors benefit fund, plus interest.

Interest is to be calculated and payable only up to the date of retirement.

     SECTION 2. This act shall take effect upon passage.

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LC01397

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