(a) Definitions. For the purposes of this section:
(1) "UST Board" means the Rhode Island Underground Storage Tank Financial Review Board, a governmental agency and a public instrumentality of the state of Rhode Island.
(2) "Transfer date" means July 1, 2006.
(3) "Transferred employee" means any individual who was an employee of the UST Board of the state of Rhode Island on the date immediately preceding the transfer date, and who became an employee of the state of Rhode Island, department of environmental management on the transfer date.
(b) Transferred employees who return to employment with the state of Rhode Island directly from uninterrupted employment with the Rhode Island Underground Storage Tank Financial Responsibility Review Board shall have their length of service at the UST Board deemed to be uninterrupted active state service for the purposes of service credits in the state retirement system.
(c) The period of service of any transferred employee from December 29, 2002, to the date of transfer shall be treated as service as an employee of the state of Rhode Island for the purposes of chapters 8, 9 and 10 of this title.
(d) The provisions of subsection (b) of this section shall not apply unless within ninety (90) days following the date of enactment of this section [July 1, 2006], the UST Board transfers, or causes to have transferred from a trustee or other custodian, to the retirement system, an amount equal to the sum of the employees contribution accumulation and the employer contribution accumulation. The amount of transfer shall be determined by the retirement board at full actuarial cost as defined by § 36-8-1(10) for the period of service December 29, 2002, to the transfer date. This will be reduced by the transfer to the retirement board of any and all contributions made to the UST Board's Simple IRA by and on behalf of the transferred employees.
(e) Transferred employees who return to service with the state of Rhode Island directly from uninterrupted employment with the Rhode Island Underground Storage Tank Financial Review Board, henceforth referred to as "UST Board" shall have their length of service at the UST Board deemed to be uninterrupted active state service for purposes of service credits in the state retirement system.
History of Section.
P.L. 2006, ch. 246, art. 27, § 4; P.L. 2012, ch. 415, § 6.