(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 of this system; provided, that the member pays to the retirement system a lump sum amount equal to the full actuarial cost of that credit as certified by the retirement board.
(b) The retirement board shall fix and determine rules and regulations to govern the provisions of this section.
(c) If any member who was employed by a participating municipality is subsequently hired by a different participating municipality, his or her service credits from the former employer shall transfer in toto to the current employer. The retirement system shall transfer all prior employee contributions to the account of the current employing municipality and calculate the full actuarial value of the accrued benefit with the former employing municipality. If the full actuarial value of the accrued benefit with the former employer is greater than the total employee contributions transferred, the retirement system shall also transfer the difference between the full actuarial value of the accrued benefit with the former employer and the employee's contributions from the account of the former employing municipality to the account of the current employing municipality.
History of Section.
P.L. 1982, ch. 99, § 1; P.L. 1998, ch. 70, § 1; P.L. 1998, ch. 291, § 1.