Section 45-21-44. – Guaranties by municipalities — Adjustment of contribution rates.
§ 45-21-44. Guaranties by municipalities — Adjustment of contribution rates. Regular interest requirements, and the maintenance of reserves in accordance with the provisions of this chapter, are guaranteed by the respective participating municipalities, which guaranty extends only to their proportionate interests in the retirement system as determined upon the basis of the liabilities for the […]
Section 45-21-45. – Tax exemption.
§ 45-21-45. Tax exemption. The right of a member or beneficiary to a pension, an annuity, a retirement allowance, to the return of contributions, any benefit or right accrued or accruing to any person under the provisions of this chapter, and the moneys of the retirement system created under this chapter, are exempt from any […]
Section 45-21-46. – Forfeiture for fraudulent claims.
§ 45-21-46. Forfeiture for fraudulent claims. Every person who knowingly or willfully makes or presents or in any way procures the making or presentation of any false or fraudulent affidavit or affirmation concerning any claim for retirement allowance or payment of retirement allowance, shall, in every case, forfeit a sum not exceeding ten thousand dollars […]
Section 45-21-47. – Reserved power to amend or repeal — Vested rights.
§ 45-21-47. Reserved power to amend or repeal — Vested rights. The right to amend, alter, or repeal this chapter at any time or from time to time is expressly reserved, and in that event the liability of the municipal employees’ retirement system is limited in the case of a member or a person claiming […]
Section 45-21-48 – — 45-21-50. Repealed.
§ 45-21-48 — 45-21-50. Repealed.
Section 45-21-51. – Persons eligible for optional benefits — Time of election — Modification or revocation — Effective date.
§ 45-21-51. Persons eligible for optional benefits — Time of election — Modification or revocation — Effective date. (a) The optional provisions of § 45-21-30 are applicable only to a member applying for a service retirement allowance and an accidental disability retirement allowance and an ordinary disability retirement allowance or any inactive member applying for […]
Section 45-21-42.1. – Payment of administrative expenses of the retirement board and maintaining the retirement system — Restricted receipt account.
§ 45-21-42.1. Payment of administrative expenses of the retirement board and maintaining the retirement system — Restricted receipt account. There is transferred to the restricted receipt account established in § 36-8-10.1 up to a maximum of seventeen and one-half (17.5) basis points (0.175%), where one hundred (100.0) basis points equals one percent (1.0%), of the […]
Section 45-21-42.2. – Fiscal impact of proposed legislation impacting the retirement system.
§ 45-21-42.2. Fiscal impact of proposed legislation impacting the retirement system. Proposed legislation which directly impacts the retirement system can potentially affect the benefits of all plan participants and beneficiaries. Since it is in the best interests of plan participants and beneficiaries to determine the financial consequences of any proposed legislation which would directly impact […]
Section 45-21-34. – Annual report and statement.
§ 45-21-34. Annual report and statement. The retirement board shall submit to the governor for transmittal to the general assembly, on or before the first day of December in each year, an annual report showing the financial transactions of the system for the fiscal year next preceding that date. The report shall contain among other […]
Section 45-21-35. – Legal adviser — General treasurer — Executive director — Assistant director.
§ 45-21-35. Legal adviser — General treasurer — Executive director — Assistant director. There shall be a legal counsel to the board appointed by the general treasurer. The general treasurer is the ex-officio chairperson of the retirement board and the treasurer of the retirement board and he or she shall be responsible for appointing the […]