§ 45-21-58. Credits for layoffs.
(a) Members who are laid off for any reason and are not on leave without pay may purchase up to one year’s credit for retirement purposes; provided, that the member did not withdraw his or her retirement contributions while on layoff, and returns to active membership; provided, further, that the member purchases the credit upon his or her return to service from being laid off and pays into the retirement system, in a lump sum, the amount he or she would have contributed to the system but for the layoff plus regular interest. Effective July 1, 2012, any purchase under this paragraph shall be at full actuarial cost.
(b) The retirement board shall fix and determine rules and regulations to govern the provisions of this section.
History of Section.
P.L. 1989, ch. 474, § 3; P.L. 2011, ch. 408, § 11; P.L. 2011, ch. 409, § 11.