Introduced By: Representatives Pires and Fox
Date Introduced : February 9, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Section 36-10-8 of the General Laws in Chapter 36-10 entitled "Retirement System--Contributions and Benefits" is hereby amended to read as follows:
36-10-8. Refund of contributions -- Repayment and restoration
of credits. -- A member who withdraws from service or
ceases to be a member for any reason other than death or retirement
shall be paid on demand a refund consisting of the accumulated
contributions standing to his or her credit in his or her individual
account in the annuity savings account {DEL . DEL} {ADD , without
interest. ADD} Any member receiving a refund shall thereby forfeit
and relinquish all accrued rights as a member of the system together
with credits for total service previously granted to the member;
provided, however, that if any member who has received a refund
shall subsequently reenter the service and again become a member
of the system, he or she shall have the privilege of restoring
all money previously received or disbursed to his or her credit
as a refund of contributions, plus regular interest for the period
from the date of refund to the date of the restoration. Upon the
repayment of such refund including accrued interest as herein
provided, the member shall again receive credit for the amount
of total service which he or she had previously forfeited by the
acceptance of the refund. The restoration of that credit shall
be permitted only after the member shall have rendered at least
one year of continuous service following his or her latest reentry
into service for which he or she shall have made contributions
to this system.
SECTION 2. This act shall take effect upon passage{ADD.ADD} {DELaDEL}{ADDAADD}nd shall
apply to any demand for refund of contributions and any demand
for interest on previously refunded contributions made subsequent
to February 2, 1999.
