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| 4 | 4 | | |
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| 5 | 5 | | 2025 -- S 0450 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001400 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO EDUCATION -- TEACHERS' RETIREMENT |
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| 16 | 16 | | Introduced By: Senators Ciccone, Tikoian, and Urso |
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| 17 | 17 | | Date Introduced: February 26, 2025 |
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| 18 | 18 | | Referred To: Senate Finance |
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| 19 | 19 | | |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Section 16-16-12 of the General Laws in Chapter 16-16 entitled "Teachers’ 1 |
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| 23 | 23 | | Retirement [See Title 16 Chapter 97 — The Rhode Island Board of Education Act]" is hereby 2 |
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| 24 | 24 | | amended to read as follows: 3 |
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| 25 | 25 | | 16-16-12. Procedure for service retirement. 4 |
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| 26 | 26 | | Retirement of a member on a service retirement allowance shall be made by the retirement 5 |
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| 27 | 27 | | board as follows: 6 |
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| 28 | 28 | | (a)(i) Any member may retire upon his or her written application to the retirement board 7 |
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| 29 | 29 | | as of the first day of the calendar month in which the application was filed, provided the member 8 |
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| 30 | 30 | | was separated from service prior to filing the application, and further provided however, that if 9 |
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| 31 | 31 | | separation from service occurs during the month in which the application is filed, the effective date 10 |
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| 32 | 32 | | shall be the first day following the separation from service, and provided further that the member 11 |
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| 33 | 33 | | on retirement date has attained the age of sixty (60) years and has completed at least ten (10) years 12 |
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| 34 | 34 | | of contributory service on or before July 1, 2005, or regardless of age has completed twenty-eight 13 |
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| 35 | 35 | | (28) years of total service and has completed at least ten (10) years of contributory service on or 14 |
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| 36 | 36 | | before July 1, 2005, and who retire before October 1, 2009, or are eligible to retire as of September 15 |
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| 37 | 37 | | 30, 2009. 16 |
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| 38 | 38 | | (ii) For teachers who become eligible to retire on or after October 1, 2009, and prior to July 17 |
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| 39 | 39 | | 1, 2012, benefits are available to teachers who have attained the age of sixty-two (62) and 18 |
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| 40 | 40 | | completed at least ten (10) years of contributory service. For teachers in service as of October 1, 19 |
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| 41 | 41 | | |
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| 42 | 42 | | |
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| 43 | 43 | | LC001400 - Page 2 of 15 |
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| 44 | 44 | | 2009, who were not eligible to retire as of September 30, 2009, but became eligible to retire prior 1 |
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| 45 | 45 | | to July 1, 2012, the minimum retirement age of sixty-two (62) will be adjusted downward in 2 |
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| 46 | 46 | | proportion to the amount of service the member has earned as of September 30, 2009. The 3 |
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| 47 | 47 | | proportional formula shall work as follows: 4 |
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| 48 | 48 | | (A) The formula shall determine the first age of retirement eligibility under the laws in 5 |
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| 49 | 49 | | effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 6 |
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| 50 | 50 | | sixty-two (62). 7 |
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| 51 | 51 | | (B) The formula shall then take the teacher’s total service credit as of September 30, 2009, 8 |
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| 52 | 52 | | as the numerator and the years of service credit determined under (A) as the denominator. 9 |
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| 53 | 53 | | (C) The fraction determined in (B) shall then be multiplied by the age difference in (1) to 10 |
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| 54 | 54 | | apply a reduction in years from age sixty-two (62). 11 |
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| 55 | 55 | | (b)(i) Any member, who has not completed at least ten (10) years of contributory service 12 |
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| 56 | 56 | | on or before July 1, 2005, may retire upon his or her written application to the retirement board as 13 |
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| 57 | 57 | | of the first day of the calendar month in which the application was filed; provided, the member was 14 |
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| 58 | 58 | | separated from service prior thereto; and further provided, however, that if separation from service 15 |
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| 59 | 59 | | occurs during the month in which application is filed, the effective date shall be the first day 16 |
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| 60 | 60 | | following that separation from service; provided, the member on his or her retirement date had 17 |
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| 61 | 61 | | attained the age of fifty-nine (59) and had completed at least twenty-nine (29) years of total service; 18 |
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| 62 | 62 | | or provided, that the member on his or her retirement date had attained the age of sixty-five (65) 19 |
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| 63 | 63 | | and had completed at least ten (10) years of contributory service; or provided, that the member on 20 |
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| 64 | 64 | | his or her retirement date had attained the age of fifty-five (55) and had completed twenty (20) 21 |
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| 65 | 65 | | years of total service and provided, that the retirement allowance, as determined according to the 22 |
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| 66 | 66 | | formula in § 16-16-13 is reduced actuarially for each month that the age of the member is less than 23 |
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| 67 | 67 | | sixty-five (65) years and who retire before October 1, 2009, or are eligible to retire as of September 24 |
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| 68 | 68 | | 30, 2009. 25 |
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| 69 | 69 | | (ii) For teachers who become eligible to retire on or after October 1, 2009, and prior to July 26 |
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| 70 | 70 | | 1, 2012, benefits are available to teachers who have attained the age of sixty-two (62) and have 27 |
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| 71 | 71 | | completed at least twenty-nine (29) years of total service or have attained the age of sixty-five (65) 28 |
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| 72 | 72 | | and completed at least ten (10) years of contributory service. For teachers in service as of October 29 |
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| 73 | 73 | | 1, 2009, who were not eligible to retire as of September 30, 2009, but become eligible to retire prior 30 |
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| 74 | 74 | | to July 1, 2012, who have a minimum retirement age of sixty-two (62), the retirement age will be 31 |
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| 75 | 75 | | adjusted downward in proportion to the amount of service the member has earned as of September 32 |
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| 76 | 76 | | 30, 2009. The proportional formula shall work as follows: 33 |
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| 77 | 77 | | (A) The formula shall determine the first age of retirement eligibility under the laws in 34 |
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| 78 | 78 | | |
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| 79 | 79 | | |
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| 80 | 80 | | LC001400 - Page 3 of 15 |
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| 81 | 81 | | effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 1 |
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| 82 | 82 | | sixty-two (62). 2 |
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| 83 | 83 | | (B) The formula shall then take the teacher’s total service credit as of September 30, 2009, 3 |
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| 84 | 84 | | as the numerator and the years of service credit determined under (A) as the denominator. 4 |
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| 85 | 85 | | (C) The fraction determined in (B) shall then be multiplied by the age difference 5 |
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| 86 | 86 | | determined in (A) to apply a reduction in years from age sixty-two (62). 6 |
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| 87 | 87 | | (c) Effective July 1, 2012, the following shall apply to all teachers not eligible to retire 7 |
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| 88 | 88 | | prior to July 1, 2012: 8 |
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| 89 | 89 | | (i) A teacher with contributory service on or after July 1, 2012, shall be eligible to retire 9 |
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| 90 | 90 | | upon the completion of at least five (5) years of contributory service and attainment of the teacher’s 10 |
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| 91 | 91 | | Social Security retirement age. 11 |
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| 92 | 92 | | (ii) For teachers with five (5) or more years of contributory service as of June 30, 2012, 12 |
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| 93 | 93 | | with contributory service on and after July 1, 2012, who have a retirement age of Social Security 13 |
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| 94 | 94 | | Retirement Age, the retirement age will be adjusted downward in proportion to the amount of 14 |
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| 95 | 95 | | service the teacher has earned as of June 30, 2012, but in no event shall a teacher’s retirement age 15 |
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| 96 | 96 | | under this subparagraph (ii) be prior to the attainment of age fifty-nine (59) or prior to the teacher’s 16 |
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| 97 | 97 | | retirement age determined under the laws in effect on June 30, 2012. The proportional formula shall 17 |
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| 98 | 98 | | work as follows: 18 |
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| 99 | 99 | | (1) The formula shall determine the first age of retirement eligibility under the laws in 19 |
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| 100 | 100 | | effect on June 30, 2012, which shall then be subtracted from Social Security retirement age; 20 |
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| 101 | 101 | | (2) The formula shall then take the teacher’s total service credit as of June 30, 2012, as the 21 |
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| 102 | 102 | | numerator and the projected service at retirement age in effect on June 30, 2012, as the 22 |
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| 103 | 103 | | denominator; 23 |
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| 104 | 104 | | (3) The fraction determined in (2) shall then be multiplied by the age difference determined 24 |
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| 105 | 105 | | in (1) to apply a reduction in years from Social Security retirement age. 25 |
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| 106 | 106 | | (iii) Effective July 1, 2015, a teacher who has completed twenty (20) or more years of total 26 |
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| 107 | 107 | | service and who has attained an age within five (5) years of the eligible retirement age under 27 |
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| 108 | 108 | | subdivisions (c)(i) or (c)(ii) above or subsection (d) below, may elect to retire provided that the 28 |
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| 109 | 109 | | retirement allowance shall be reduced actuarially for each month that the age of the teacher is less 29 |
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| 110 | 110 | | than the eligible retirement age under subdivisions (c)(i) or (c)(ii) above or subsection (d) below in 30 |
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| 111 | 111 | | accordance with the following table: 31 |
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| 112 | 112 | | Year Preceding Retirement Cumulative Annual Reduction Cumulative Monthly 32 |
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| 113 | 113 | | Reduction 33 |
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| 114 | 114 | | For Year 1 9% .75% 34 |
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| 115 | 115 | | |
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| 116 | 116 | | |
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| 117 | 117 | | LC001400 - Page 4 of 15 |
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| 118 | 118 | | For Year 2 8% .667% 1 |
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| 119 | 119 | | For Year 3 7% .583% 2 |
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| 120 | 120 | | For Year 4 7% .583% 3 |
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| 121 | 121 | | For Year 5 7% .583% 4 |
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| 122 | 122 | | (iv) Notwithstanding any other provisions of section § 16-16-12(c), a teacher who has 5 |
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| 123 | 123 | | completed ten (10) or more years of contributory service as of June 30, 2012, may elect to retire at 6 |
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| 124 | 124 | | his or her eligible retirement date as determined under subsections (a) and (b) above provided that 7 |
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| 125 | 125 | | a teacher making an election under this paragraph shall receive the teacher’s retirement benefit 8 |
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| 126 | 126 | | determined and calculated based on the teacher’s service and average compensation as of June 30, 9 |
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| 127 | 127 | | 2012. This provision shall be interpreted and administered in a manner to protect a teacher’s 10 |
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| 128 | 128 | | accrued benefit on June 30, 2012. 11 |
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| 129 | 129 | | (d)(i) Notwithstanding any other provisions of subsection (c) above, effective July 1, 2015, 12 |
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| 130 | 130 | | teachers in active service shall be eligible to retire upon the earlier of: 13 |
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| 131 | 131 | | (A) The attainment of at least age sixty-five (65) and the completion of at least thirty (30) 14 |
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| 132 | 132 | | years of total service, or the attainment of at least age sixty-four (64) and the completion of at least 15 |
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| 133 | 133 | | thirty-one (31) years of total service, or the attainment of at least age sixty-three (63) and the 16 |
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| 134 | 134 | | completion of at least thirty-two (32) years of total service, or the attainment of at least age sixty-17 |
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| 135 | 135 | | two (62) and the completion of at least thirty-three (33) years of total service; or 18 |
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| 136 | 136 | | (B) The teacher’s retirement eligibility date under subsections (c)(i) or (c)(ii) above. 19 |
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| 137 | 137 | | (ii) Notwithstanding any other provisions of subsection (c) or subsection (d)(i) of this 20 |
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| 138 | 138 | | section, commencing July 1, 2025, teachers in active service shall be eligible to retire upon the 21 |
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| 139 | 139 | | earlier of: 22 |
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| 140 | 140 | | (A) The attainment of at least age sixty (60) and the completion of at least thirty (30) years 23 |
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| 141 | 141 | | of total service; or 24 |
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| 142 | 142 | | (B) The teacher's retirement eligibility date under subsections (c)(i) or (c)(ii) of this section. 25 |
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| 143 | 143 | | (e) Except as specifically provided in §§ 36-10-9.1, 36-10-12 through 36-10-15, and 45-26 |
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| 144 | 144 | | 21-19 through 45-21-22, no member shall be eligible for pension benefits under this chapter unless 27 |
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| 145 | 145 | | (i) The member shall have been a contributing member of the employees’ retirement 28 |
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| 146 | 146 | | system for at least ten (10) years; or 29 |
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| 147 | 147 | | (ii) For teachers in active contributory service on or after July 1, 2012, the teacher shall 30 |
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| 148 | 148 | | have been a contributing member of the employees’ retirement system for at least five (5) years. 31 |
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| 149 | 149 | | (2) Provided, however, a person who has ten (10) years service credit shall be vested; 32 |
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| 150 | 150 | | provided that for teachers in active contributory service on or after July 1, 2012, a teacher who has 33 |
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| 151 | 151 | | five (5) years of contributory service shall be vested. 34 |
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| 152 | 152 | | |
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| 153 | 153 | | |
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| 154 | 154 | | LC001400 - Page 5 of 15 |
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| 155 | 155 | | (3) Furthermore, any past service credits purchased in accordance with § 36-9-38 shall be 1 |
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| 156 | 156 | | counted towards vesting. 2 |
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| 157 | 157 | | (4) Any person who becomes a member of the employees’ retirement system pursuant to 3 |
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| 158 | 158 | | § 45-21-8 shall be considered a contributing member for the purpose of chapter 21 of title 45 and 4 |
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| 159 | 159 | | this chapter. 5 |
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| 160 | 160 | | (5) Notwithstanding any other provision of law, no more than five (5) years of service 6 |
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| 161 | 161 | | credit may be purchased by a member of the system. The five (5) year limit shall not apply to any 7 |
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| 162 | 162 | | purchases made prior to January 1, 1995. A member who has purchased more than five (5) years 8 |
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| 163 | 163 | | of service credit before January 1, 1995, shall be permitted to apply the purchases towards the 9 |
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| 164 | 164 | | member’s service retirement. However, no further purchase will be permitted. 10 |
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| 165 | 165 | | (6) Notwithstanding any other provision of law, effective July 1, 2012, except for purchases 11 |
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| 166 | 166 | | under §§ 16-16-7.1, 36-5-3, 36-9-31, 36-10-10.4, and 45-21-53: 12 |
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| 167 | 167 | | (i) For service purchases for time periods prior to a teacher’s initial date of hire, the 13 |
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| 168 | 168 | | purchase must be made within three (3) years of the teacher’s initial date of hire; and 14 |
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| 169 | 169 | | (ii) For service purchases for time periods for official periods of leave as authorized by 15 |
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| 170 | 170 | | law, the purchase must be made within three (3) years of the time the official leave was concluded 16 |
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| 171 | 171 | | by the teacher. Notwithstanding paragraphs (i) and (ii) above, service purchases from time periods 17 |
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| 172 | 172 | | prior to June 30, 2012, may be made on or prior to June 30, 2015. 18 |
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| 173 | 173 | | (f) No member of the teachers’ retirement system shall be permitted to purchase service 19 |
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| 174 | 174 | | credits for casual or seasonal employment, for employment as a temporary or emergency employee, 20 |
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| 175 | 175 | | a page in the general assembly, or for employment at any state college or university while the 21 |
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| 176 | 176 | | employee is a student or graduate of the college or university. 22 |
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| 177 | 177 | | (g) Except as specifically provided in §§ 16-16-6.2 and 16-16-6.4, a member shall not 23 |
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| 178 | 178 | | receive service credit in this retirement system for any year or portion of a year which counts as 24 |
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| 179 | 179 | | service credit in any other retirement system in which the member is vested or from which the 25 |
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| 180 | 180 | | member is receiving a pension and/or any annual payment for life. This subsection shall not apply 26 |
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| 181 | 181 | | to any payments received pursuant to the federal Social Security Act, 42 U.S.C. § 301 et seq. 27 |
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| 182 | 182 | | (h) A member who seeks to purchase or receive service credit in this retirement system 28 |
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| 183 | 183 | | shall have the affirmative duty to disclose to the retirement board whether or not he or she is a 29 |
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| 184 | 184 | | vested member in any other retirement system and/or is receiving a pension, retirement allowance, 30 |
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| 185 | 185 | | or any annual payment for life. The retirement board shall have the right to investigate as to whether 31 |
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| 186 | 186 | | or not the member has utilized the same time of service for credit in any other retirement system. 32 |
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| 187 | 187 | | The member has an affirmative duty to cooperate with the retirement board including, by way of 33 |
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| 188 | 188 | | illustration and not by way of limitation, the duty to furnish or have furnished to the retirement 34 |
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| 189 | 189 | | |
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| 190 | 190 | | |
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| 191 | 191 | | LC001400 - Page 6 of 15 |
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| 192 | 192 | | board any relevant information that is protected by any privacy act. 1 |
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| 193 | 193 | | (i) A member who fails to cooperate with the retirement board shall not have the time of 2 |
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| 194 | 194 | | service credit counted toward total service credit until the time the member cooperates with the 3 |
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| 195 | 195 | | retirement board and until the time the retirement board determines the validity of the service credit. 4 |
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| 196 | 196 | | (j) A member who knowingly makes a false statement to the retirement board regarding 5 |
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| 197 | 197 | | service time or credit shall not be entitled to a retirement allowance and is entitled only to the return 6 |
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| 198 | 198 | | of his or her contributions without interest. 7 |
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| 199 | 199 | | SECTION 2. Section 36-10-9 of the General Laws in Chapter 36-10 entitled "Retirement 8 |
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| 200 | 200 | | System — Contributions and Benefits" is hereby amended to read as follows: 9 |
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| 201 | 201 | | 36-10-9. Retirement on service allowance — In general. 10 |
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| 202 | 202 | | Retirement of a member on a service retirement allowance shall be made by the retirement 11 |
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| 203 | 203 | | board as follows: 12 |
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| 204 | 204 | | (1)(a)(i) Any member may retire upon his or her written application to the retirement board 13 |
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| 205 | 205 | | as of the first day of the calendar month in which the application was filed; provided, the member 14 |
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| 206 | 206 | | was separated from service prior thereto; and further provided, however, that if separation from 15 |
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| 207 | 207 | | service occurs during the month in which application is filed, the effective date shall be the first 16 |
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| 208 | 208 | | day following that separation from service; and provided further that the member on his or her 17 |
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| 209 | 209 | | retirement date attained the age of sixty (60) and completed at least ten (10) years of contributory 18 |
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| 210 | 210 | | service on or before July 1, 2005, or who, regardless of age, has completed twenty-eight (28) years 19 |
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| 211 | 211 | | of total service and has completed at least ten (10) years of contributory service on or before July 20 |
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| 212 | 212 | | 1, 2005, and who retire before October 1, 2009, or are eligible to retire as of September 30, 2009. 21 |
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| 213 | 213 | | (ii) For members who become eligible to retire on or after October 1, 2009, and prior to 22 |
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| 214 | 214 | | July 1, 2012, benefits are available to members who have attained the age of sixty-two (62) and 23 |
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| 215 | 215 | | completed at least ten (10) years of contributory service. For members in service as of October 1, 24 |
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| 216 | 216 | | 2009, who were not eligible to retire as of September 30, 2009, but become eligible to retire prior 25 |
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| 217 | 217 | | to July 1, 2012, the minimum retirement age of sixty-two (62) will be adjusted downward in 26 |
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| 218 | 218 | | proportion to the amount of service the member has earned as of September 30, 2009. The 27 |
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| 219 | 219 | | proportional formula shall work as follows: 28 |
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| 220 | 220 | | (1) The formula shall determine the first age of retirement eligibility under the laws in 29 |
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| 221 | 221 | | effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 30 |
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| 222 | 222 | | sixty-two (62). 31 |
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| 223 | 223 | | (2) The formula shall then take the member’s total service credit as of September 30, 2009, 32 |
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| 224 | 224 | | as the numerator and the years of service credit determined under (1) as the denominator. 33 |
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| 225 | 225 | | (3) The fraction determined in (2) shall then be multiplied by the age difference determined 34 |
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| 226 | 226 | | |
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| 227 | 227 | | |
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| 228 | 228 | | LC001400 - Page 7 of 15 |
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| 229 | 229 | | in (1) to apply a reduction in years from age sixty-two (62). 1 |
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| 230 | 230 | | (b)(i) Any member, who has not completed at least ten (10) years of contributory service 2 |
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| 231 | 231 | | on or before July 1, 2005, may retire upon his or her written application to the retirement board as 3 |
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| 232 | 232 | | of the first day of the calendar month in which the application was filed; provided, the member was 4 |
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| 233 | 233 | | separated from service prior thereto; and further provided, however, that if separation from service 5 |
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| 234 | 234 | | occurs during the month in which application is filed, the effective date shall be the first day 6 |
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| 235 | 235 | | following that separation from service; provided, the member or his or her retirement date had 7 |
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| 236 | 236 | | attained the age of fifty-nine (59) and had completed at least twenty-nine (29) years of total service 8 |
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| 237 | 237 | | or provided that the member on his or her retirement date had attained the age of sixty-five (65) 9 |
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| 238 | 238 | | and had completed at least ten (10) years of contributory service; or provided, that the member on 10 |
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| 239 | 239 | | his or her retirement date had attained the age of fifty-five (55) and had completed twenty (20) 11 |
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| 240 | 240 | | years of total service provided, that the retirement allowance, as determined according to the 12 |
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| 241 | 241 | | formula in § 36-10-10 is reduced actuarially for each month that the age of the member is less than 13 |
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| 242 | 242 | | sixty-five (65) years, and who retire before October 1, 2009, or are eligible to retire as of September 14 |
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| 243 | 243 | | 30, 2009. 15 |
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| 244 | 244 | | (ii) For members who become eligible to retire on or after October 1, 2009 and prior to 16 |
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| 245 | 245 | | July 1, 2012, benefits are available to members who have attained the age of sixty-two (62) and 17 |
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| 246 | 246 | | completed at least twenty-nine (29) years of total service or have attained the age of sixty-five (65) 18 |
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| 247 | 247 | | and completed at least ten (10) years of contributory service. For members in service as of October 19 |
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| 248 | 248 | | 1, 2009, who were not eligible to retire as of September 30, 2009, but become eligible to retire prior 20 |
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| 249 | 249 | | to July 1, 2012, who have a minimum retirement age of sixty-two (62), the retirement age will be 21 |
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| 250 | 250 | | adjusted downward in proportion to the amount of service the member has earned as of September 22 |
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| 251 | 251 | | 30, 2009. The proportional formula shall work as follows: 23 |
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| 252 | 252 | | (1) The formula shall determine the first age of retirement eligibility under the laws in 24 |
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| 253 | 253 | | effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 25 |
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| 254 | 254 | | sixty-two (62). 26 |
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| 255 | 255 | | (2) The formula shall then take the member’s total service credit as of September 30, 2009, 27 |
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| 256 | 256 | | as the numerator and the years of service credit determined under (1) as the denominator. 28 |
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| 257 | 257 | | (3) The fraction determined in (2) above shall then be multiplied by the age difference 29 |
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| 258 | 258 | | determined in (1) to apply a reduction in years from age sixty-two (62). 30 |
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| 259 | 259 | | (c) Effective July 1, 2012, the following shall apply to all members not eligible to retire 31 |
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| 260 | 260 | | prior to July 1, 2012: 32 |
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| 261 | 261 | | (i) A member with contributory service on or after July 1, 2012, shall be eligible to retire 33 |
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| 262 | 262 | | upon the completion of at least five (5) years of contributory service and attainment of the member’s 34 |
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| 263 | 263 | | |
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| 264 | 264 | | |
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| 265 | 265 | | LC001400 - Page 8 of 15 |
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| 266 | 266 | | Social Security retirement age. 1 |
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| 267 | 267 | | (ii) For members with five (5) or more years of contributory service as of June 30, 2012, 2 |
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| 268 | 268 | | with contributory service on and after July 1, 2012, who have a retirement age of Social Security 3 |
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| 269 | 269 | | Retirement Age, the retirement age will be adjusted downward in proportion to the amount of 4 |
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| 270 | 270 | | service the member has earned as of June 30, 2012, but in no event shall a member’s retirement 5 |
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| 271 | 271 | | age under this subparagraph (ii) be prior to the attainment of age fifty-nine (59) or prior to the 6 |
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| 272 | 272 | | member’s retirement age determined under the laws in effect on June 30, 2012. The proportional 7 |
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| 273 | 273 | | formula shall work as follows: 8 |
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| 274 | 274 | | (1) The formula shall determine the first age of retirement eligibility under the laws in 9 |
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| 275 | 275 | | effect on June 30, 2012, which shall then be subtracted from Social Security retirement age; 10 |
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| 276 | 276 | | (2) The formula shall then take the member’s total service credit as of June 30, 2012, as 11 |
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| 277 | 277 | | the numerator and the projected service at retirement age in effect on June 30, 2012, as the 12 |
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| 278 | 278 | | denominator; 13 |
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| 279 | 279 | | (3) The fraction determined in (2) shall then be multiplied by the age difference determined 14 |
|---|
| 280 | 280 | | in (1) to apply a reduction in years from Social Security retirement age. 15 |
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| 281 | 281 | | (iii) Effective July 1, 2015, a member who has completed twenty (20) or more years of 16 |
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| 282 | 282 | | total service and who has attained an age within five (5) years of the eligible retirement age under 17 |
|---|
| 283 | 283 | | subparagraphs (c)(i) or (c)(ii) above or subsection (d) below, may elect to retire provided that the 18 |
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| 284 | 284 | | retirement allowance shall be reduced actuarially for each month that the age of the member is less 19 |
|---|
| 285 | 285 | | than the eligible retirement age under subparagraphs (c)(i) or (c)(ii) above or subsection (d) below 20 |
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| 286 | 286 | | in accordance with the following table: 21 |
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| 287 | 287 | | Year Preceding Retirement Cumulative Annual Reduction Cumulative Monthly 22 |
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| 288 | 288 | | Reduction 23 |
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| 289 | 289 | | For Year 1 9% .75% 24 |
|---|
| 290 | 290 | | For Year 2 8% .667% 25 |
|---|
| 291 | 291 | | For Year 3 7% .583% 26 |
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| 292 | 292 | | For Year 4 7% .583% 27 |
|---|
| 293 | 293 | | For Year 5 7% .583% 28 |
|---|
| 294 | 294 | | (iv) Notwithstanding any other provisions of section 36-10-9(c), a member who has 29 |
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| 295 | 295 | | completed ten (10) or more years of contributory service as of June 30, 2012, may elect to retire at 30 |
|---|
| 296 | 296 | | his or her eligible retirement date as determined under paragraphs (1)(a) and (1)(b) above provided 31 |
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| 297 | 297 | | that a member making an election under this paragraph shall receive the member’s retirement 32 |
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| 298 | 298 | | benefit determined and calculated based on the member’s service and average compensation as of 33 |
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| 299 | 299 | | June 30, 2012. This provision shall be interpreted and administered in a manner to protect a 34 |
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| 300 | 300 | | |
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| 301 | 301 | | |
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| 302 | 302 | | LC001400 - Page 9 of 15 |
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| 303 | 303 | | member’s accrued benefit on June 30, 2012. 1 |
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| 304 | 304 | | (d)(i) Notwithstanding any other provisions of subsection (c) above, effective July 1, 2015, 2 |
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| 305 | 305 | | members in active service shall be eligible to retire upon the earlier of: (A) The attainment of at 3 |
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| 306 | 306 | | least age sixty-five (65) and the completion of at least thirty (30) years of total service, or the 4 |
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| 307 | 307 | | attainment of at least age sixty-four (64) and the completion of at least thirty-one (31) years of total 5 |
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| 308 | 308 | | service, or the attainment of at least age sixty-three (63) and the completion of at least thirty-two 6 |
|---|
| 309 | 309 | | (32) years of total service, or the attainment of at least age sixty-two (62) and the completion of at 7 |
|---|
| 310 | 310 | | least thirty-three (33) years of total service; or (B) The member’s retirement eligibility date under 8 |
|---|
| 311 | 311 | | subsections (c)(i) or (c)(ii) above. 9 |
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| 312 | 312 | | (ii) Notwithstanding any other provisions of subsection (c) or subsection (d)(i) of this 10 |
|---|
| 313 | 313 | | section, commencing July 1, 2025, teachers in active service shall be eligible to retire upon the 11 |
|---|
| 314 | 314 | | earlier of: 12 |
|---|
| 315 | 315 | | (A) The attainment of at least age sixty (60) and the completion of at least thirty (30) years 13 |
|---|
| 316 | 316 | | of total service; or 14 |
|---|
| 317 | 317 | | (B) The teacher's retirement eligibility date under subsections (c)(i) or (c)(ii) of this section. 15 |
|---|
| 318 | 318 | | (2) Any faculty employee at a public institution of higher education under the jurisdiction 16 |
|---|
| 319 | 319 | | of the council on postsecondary education shall not be involuntarily retired upon attaining the age 17 |
|---|
| 320 | 320 | | of seventy (70) years. 18 |
|---|
| 321 | 321 | | (3)(i) Except as specifically provided in § 36-10-9.1, §§ 36-10-12 — 36-10-15, and §§ 45-19 |
|---|
| 322 | 322 | | 21-19 — 45-21-22, (I) On or prior to June 30, 2012 no member shall be eligible for pension benefits 20 |
|---|
| 323 | 323 | | under this chapter unless the member shall have been a contributing member of the employee’s 21 |
|---|
| 324 | 324 | | retirement system for at least ten (10) years, or (II) For members in active contributory service on 22 |
|---|
| 325 | 325 | | or after July 1, 2012, the member shall have been a contributing member of the retirement system 23 |
|---|
| 326 | 326 | | for at least five (5) years. 24 |
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| 327 | 327 | | (ii) Provided, however, a person who has ten (10) years service credit on or before June 16, 25 |
|---|
| 328 | 328 | | 1991, shall be vested. 26 |
|---|
| 329 | 329 | | (iii) Furthermore, any past service credits purchased in accordance with § 36-9-38 shall be 27 |
|---|
| 330 | 330 | | counted towards vesting. 28 |
|---|
| 331 | 331 | | (iv) Any person who becomes a member of the employees’ retirement system pursuant to 29 |
|---|
| 332 | 332 | | § 45-21-4 shall be considered a contributing member for the purpose of chapter 21 of title 45 and 30 |
|---|
| 333 | 333 | | this chapter. 31 |
|---|
| 334 | 334 | | (v) Notwithstanding any other provision of law, no more than five (5) years of service 32 |
|---|
| 335 | 335 | | credit may be purchased by a member of the system. The five (5) year limit shall not apply to any 33 |
|---|
| 336 | 336 | | purchases made prior to January 1, 1995. A member who has purchased more than five (5) years 34 |
|---|
| 337 | 337 | | |
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| 338 | 338 | | |
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| 339 | 339 | | LC001400 - Page 10 of 15 |
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| 340 | 340 | | of service credits before January 1, 1995, shall be permitted to apply those purchases towards the 1 |
|---|
| 341 | 341 | | member’s service retirement. However, no further purchase will be permitted. Repayment in 2 |
|---|
| 342 | 342 | | accordance with applicable law and regulation of any contribution previously withdrawn from the 3 |
|---|
| 343 | 343 | | system shall not be deemed a purchase of service credit. 4 |
|---|
| 344 | 344 | | (vi) Notwithstanding any other provision of law, effective July 1, 2012, except for 5 |
|---|
| 345 | 345 | | purchases under §§ 16-16-7.1, 36-5-3, 36-9-31, 36-10-10.4, and 45-21-53, (A) For service 6 |
|---|
| 346 | 346 | | purchases for time periods prior to a member’s initial date of hire, the purchase must be made 7 |
|---|
| 347 | 347 | | within three (3) years of the member’s initial date of hire, (B) For service purchases for time periods 8 |
|---|
| 348 | 348 | | for official periods of leave as authorized by law, the purchase must be made within three (3) years 9 |
|---|
| 349 | 349 | | of the time the official leave was concluded by the member. Notwithstanding the preceding 10 |
|---|
| 350 | 350 | | sentence, service purchases from time periods prior to June 30, 2012, may be made on or prior to 11 |
|---|
| 351 | 351 | | June 30, 2015. 12 |
|---|
| 352 | 352 | | (4) No member of the employees’ retirement system shall be permitted to purchase service 13 |
|---|
| 353 | 353 | | credits for casual, seasonal, or temporary employment, or emergency appointment, for employment 14 |
|---|
| 354 | 354 | | as a page in the general assembly, or for employment at any state college or university while the 15 |
|---|
| 355 | 355 | | employee is a student or graduate assistant of the college or university. 16 |
|---|
| 356 | 356 | | (5) Except as specifically provided in §§ 16-16-6.2 and 16-16-6.4, a member shall not 17 |
|---|
| 357 | 357 | | receive service credit in this retirement system for any year or portion of it, which counts as service 18 |
|---|
| 358 | 358 | | credit in any other retirement system in which the member is vested or from which the member is 19 |
|---|
| 359 | 359 | | receiving a pension and/or any annual payment for life. This subsection shall not apply to any 20 |
|---|
| 360 | 360 | | payments received pursuant to the federal Social Security Act or to payments from a military 21 |
|---|
| 361 | 361 | | pension earned prior to participation in state or municipal employment, or to military service credits 22 |
|---|
| 362 | 362 | | earned prior to participation in state or municipal employment. 23 |
|---|
| 363 | 363 | | (6) A member who seeks to purchase or receive service credit in this retirement system 24 |
|---|
| 364 | 364 | | shall have the affirmative duty to disclose to the retirement board whether or not he or she is a 25 |
|---|
| 365 | 365 | | vested member in any other retirement system and/or is receiving a pension, retirement allowance, 26 |
|---|
| 366 | 366 | | or any annual payment for life. The retirement board shall have the right to investigate as to whether 27 |
|---|
| 367 | 367 | | or not the member has utilized the same time of service for credit in any other retirement system. 28 |
|---|
| 368 | 368 | | The member has an affirmative duty to cooperate with the retirement board including, by way of 29 |
|---|
| 369 | 369 | | illustration and not by way of limitations the duty to furnish or have furnished to the retirement 30 |
|---|
| 370 | 370 | | board any relevant information which is protected by any privacy act. 31 |
|---|
| 371 | 371 | | (7) A member who fails to cooperate with the retirement board shall not have the time of 32 |
|---|
| 372 | 372 | | service counted toward total service credit until such time as the member cooperates with the 33 |
|---|
| 373 | 373 | | retirement board and until such time as the retirement board determines the validity of the service 34 |
|---|
| 374 | 374 | | |
|---|
| 375 | 375 | | |
|---|
| 376 | 376 | | LC001400 - Page 11 of 15 |
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| 377 | 377 | | credit. 1 |
|---|
| 378 | 378 | | (8) A member who knowingly makes a false statement to the retirement board regarding 2 |
|---|
| 379 | 379 | | service time or credit shall not be entitled to a retirement allowance and is entitled only to the return 3 |
|---|
| 380 | 380 | | of his or her contributions without interest. 4 |
|---|
| 381 | 381 | | SECTION 3. Section 45-21-16 of the General Laws in Chapter 45-21 entitled "Retirement 5 |
|---|
| 382 | 382 | | of Municipal Employees" is hereby amended to read as follows: 6 |
|---|
| 383 | 383 | | 45-21-16. Retirement on service allowance. 7 |
|---|
| 384 | 384 | | Retirement of a member on a service retirement allowance shall be made by the retirement 8 |
|---|
| 385 | 385 | | board as follows: 9 |
|---|
| 386 | 386 | | (1)(i) Any member who is eligible to retire on or before June 30, 2012, may retire upon the 10 |
|---|
| 387 | 387 | | member’s written application to the retirement board as of the first day of the calendar month in 11 |
|---|
| 388 | 388 | | which the application was filed, provided the member was separated from service prior to the 12 |
|---|
| 389 | 389 | | application, and provided, further, that if separation from service occurs during the month in which 13 |
|---|
| 390 | 390 | | application is filed, the effective date is the first day following the separation from service, provided 14 |
|---|
| 391 | 391 | | that the member at the time so specified for the member’s retirement has attained the applicable 15 |
|---|
| 392 | 392 | | minimum retirement age and has completed at least ten (10) years of total service or who, regardless 16 |
|---|
| 393 | 393 | | of age, completed thirty (30) years of total service, and notwithstanding that during the period of 17 |
|---|
| 394 | 394 | | notification the member has separated from service. The minimum ages for service retirement 18 |
|---|
| 395 | 395 | | (except for employees completing thirty (30) years of service) is fifty-eight (58) years. 19 |
|---|
| 396 | 396 | | (ii) Effective July 1, 2012, the following shall apply to all members not eligible to retire 20 |
|---|
| 397 | 397 | | prior to July 1, 2012: 21 |
|---|
| 398 | 398 | | (A) A member with contributory service on or after July 1, 2012, shall be eligible to retire 22 |
|---|
| 399 | 399 | | upon the completion of at least five (5) years of contributory service and attainment of the member’s 23 |
|---|
| 400 | 400 | | Social Security retirement age. 24 |
|---|
| 401 | 401 | | (B) For members with five (5) or more years of contributory service as of June 30, 2012, 25 |
|---|
| 402 | 402 | | with contributory service on and after July 1, 2012, who have a retirement age of Social Security 26 |
|---|
| 403 | 403 | | retirement age, the retirement age will be adjusted downward in proportion to the amount of service 27 |
|---|
| 404 | 404 | | the member has earned as of June 30, 2012, but in no event shall a member’s retirement age under 28 |
|---|
| 405 | 405 | | this subparagraph (B) be prior to the attainment of age fifty-nine (59) or prior to the member’s 29 |
|---|
| 406 | 406 | | retirement age determined under the laws in effect on June 30, 2012. The proportional formula shall 30 |
|---|
| 407 | 407 | | work as follows: 31 |
|---|
| 408 | 408 | | (1) The formula shall determine the first age of retirement eligibility under the laws in 32 |
|---|
| 409 | 409 | | effect on June 30, 2012, which shall then be subtracted from Social Security retirement age; 33 |
|---|
| 410 | 410 | | (2) The formula shall then take the member’s total service credit as of June 30, 2012, as 34 |
|---|
| 411 | 411 | | |
|---|
| 412 | 412 | | |
|---|
| 413 | 413 | | LC001400 - Page 12 of 15 |
|---|
| 414 | 414 | | the numerator and the projected service at retirement age in effect on June 30, 2012, as the 1 |
|---|
| 415 | 415 | | denominator; 2 |
|---|
| 416 | 416 | | (3) The fraction determined in (2) shall then be multiplied by the age difference determined 3 |
|---|
| 417 | 417 | | in (1) to apply a reduction in years from Social Security retirement age. 4 |
|---|
| 418 | 418 | | (C) Effective July 1, 2015, a member who has completed twenty (20) or more years of total 5 |
|---|
| 419 | 419 | | service and who has attained an age within five (5) years of the eligible retirement age under 6 |
|---|
| 420 | 420 | | subparagraphs (ii)(A) or (ii)(B) above or subsection (iii) below, may elect to retire provided that 7 |
|---|
| 421 | 421 | | the retirement allowance shall be reduced actuarially for each month that the age of the member is 8 |
|---|
| 422 | 422 | | less than the eligible retirement age under subparagraphs (ii)(A) or (ii)(B) above or subsection (iii) 9 |
|---|
| 423 | 423 | | below in accordance with the following table: 10 |
|---|
| 424 | 424 | | Year Preceding Retirement Cumulative Annual Reduction Cumulative Monthly 11 |
|---|
| 425 | 425 | | Reduction 12 |
|---|
| 426 | 426 | | For Year 1 9% .75% 13 |
|---|
| 427 | 427 | | For Year 2 8% .667% 14 |
|---|
| 428 | 428 | | For Year 3 7% .583% 15 |
|---|
| 429 | 429 | | For Year 4 7% .583% 16 |
|---|
| 430 | 430 | | For Year 5 7% .583% 17 |
|---|
| 431 | 431 | | (D)(1) Notwithstanding any other provisions of § 42-21-16(1)(ii), a member who has 18 |
|---|
| 432 | 432 | | completed ten (10) or more years of contributory service as of June 30, 2012, may elect to retire at 19 |
|---|
| 433 | 433 | | his or her eligible retirement date as determined under paragraph (i) above provided that a member 20 |
|---|
| 434 | 434 | | making an election under this paragraph shall receive the member’s retirement benefit determined 21 |
|---|
| 435 | 435 | | and calculated based on the member’s service and average compensation as of June 30, 2012. This 22 |
|---|
| 436 | 436 | | provision shall be interpreted and administered in a manner to protect a member’s accrued benefit 23 |
|---|
| 437 | 437 | | on June 30, 2012. 24 |
|---|
| 438 | 438 | | (iii)(A) Notwithstanding any other provisions of subsection (ii) above, effective July 1, 25 |
|---|
| 439 | 439 | | 2015, members in active service shall be eligible to retire upon the earlier of: (I) The attainment of 26 |
|---|
| 440 | 440 | | at least age sixty-five (65) and the completion of at least thirty (30) years of total service, or the 27 |
|---|
| 441 | 441 | | attainment of at least age sixty-four (64) and the completion of at least thirty-one (31) years of total 28 |
|---|
| 442 | 442 | | service, or the attainment of at least age sixty-three (63) and the completion of at least thirty-two 29 |
|---|
| 443 | 443 | | (32) years of total service, or the attainment of at least age sixty-two (62) and the completion of at 30 |
|---|
| 444 | 444 | | least thirty-three (33) years of total service; or (II) The member’s retirement eligibility date under 31 |
|---|
| 445 | 445 | | subsections (ii)(A) or (ii)(B) above. 32 |
|---|
| 446 | 446 | | (B) Notwithstanding any other provisions of subsection (ii) or subsection (iii)(A) of this 33 |
|---|
| 447 | 447 | | section, commencing July 1, 2025, members in active service shall be eligible to retire upon the 34 |
|---|
| 448 | 448 | | |
|---|
| 449 | 449 | | |
|---|
| 450 | 450 | | LC001400 - Page 13 of 15 |
|---|
| 451 | 451 | | earlier of: 1 |
|---|
| 452 | 452 | | (I) The attainment of least age sixty (60) and the completion of at least thirty (30) years of 2 |
|---|
| 453 | 453 | | total service; or 3 |
|---|
| 454 | 454 | | (II) The member's retirement eligibility date under subsections (ii)(A) or (ii)(B) of this 4 |
|---|
| 455 | 455 | | section. 5 |
|---|
| 456 | 456 | | (2) Except as specifically provided in §§ 45-21-19 — 45-21-22, no member is eligible for 6 |
|---|
| 457 | 457 | | pension benefits under this chapter unless: 7 |
|---|
| 458 | 458 | | (I) On or prior to June 30, 2012, the member has been a contributing member of the 8 |
|---|
| 459 | 459 | | employees’ retirement system for at least ten (10) years; or 9 |
|---|
| 460 | 460 | | (II) For members in active contributory service on or after July 1, 2012, the member shall 10 |
|---|
| 461 | 461 | | have been a contributing member of the employees’ retirement system for at least five (5) years. 11 |
|---|
| 462 | 462 | | (i) Provided, however, a person who has ten (10) years service credit on or before June 16, 12 |
|---|
| 463 | 463 | | 1991, is vested. 13 |
|---|
| 464 | 464 | | (ii) Furthermore, any past service credits purchased in accordance with § 45-21-62 are 14 |
|---|
| 465 | 465 | | counted towards vesting. 15 |
|---|
| 466 | 466 | | (iii) Any person who becomes a member of the employees’ retirement system pursuant to 16 |
|---|
| 467 | 467 | | § 45-21-4 shall be considered a contributing member for the purpose of this chapter. 17 |
|---|
| 468 | 468 | | (iv) Notwithstanding any other provision of law, no more than five (5) years of service 18 |
|---|
| 469 | 469 | | credit may be purchased by a member of the System. The five (5)-year limit does not apply to any 19 |
|---|
| 470 | 470 | | purchases made prior to the effective date of this provision. A member who has purchased more 20 |
|---|
| 471 | 471 | | than five (5) years of service credit maximum, before January 1, 1995, shall be permitted to apply 21 |
|---|
| 472 | 472 | | the purchases towards the member’s service retirement. However, no further purchase will be 22 |
|---|
| 473 | 473 | | permitted. Repayment, in accordance with applicable law and regulation, of any contribution 23 |
|---|
| 474 | 474 | | previously withdrawn from the System is not deemed a purchase of service credit. 24 |
|---|
| 475 | 475 | | (v) Notwithstanding any other provision of law, effective July 1, 2012, except for purchases 25 |
|---|
| 476 | 476 | | under §§ 16-16-7.1, 36-5-3, 36-9-31, 36-10-10.4, and 45-21-53: 26 |
|---|
| 477 | 477 | | (I) For service purchases for time periods prior to a member’s initial date of hire; the 27 |
|---|
| 478 | 478 | | purchase must be made within three (3) years of the member’s initial date of hire; and 28 |
|---|
| 479 | 479 | | (II) For service purchases for time periods for official periods of leave as authorized by 29 |
|---|
| 480 | 480 | | law, the purchase must be made within three (3) years of the time the official leave was concluded 30 |
|---|
| 481 | 481 | | by the member. 31 |
|---|
| 482 | 482 | | Notwithstanding (I) and (II) above, service purchases from time periods prior to June 30, 32 |
|---|
| 483 | 483 | | 2012, may be made on or prior to June 30, 2015. 33 |
|---|
| 484 | 484 | | (3) No member of the municipal employees’ retirement system is permitted to purchase 34 |
|---|
| 485 | 485 | | |
|---|
| 486 | 486 | | |
|---|
| 487 | 487 | | LC001400 - Page 14 of 15 |
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| 488 | 488 | | service credits for casual, temporary, emergency or seasonal employment, for employment as a 1 |
|---|
| 489 | 489 | | page in the general assembly, or for employment at any state college or university while the 2 |
|---|
| 490 | 490 | | employee is a student or graduate assistant of the college or university. 3 |
|---|
| 491 | 491 | | (4) A member does not receive service credit in this retirement system for any year or 4 |
|---|
| 492 | 492 | | portion of a year, which counts as service credit in any other retirement system in which the member 5 |
|---|
| 493 | 493 | | is vested or from which the member is receiving a pension and/or any annual payment for life. This 6 |
|---|
| 494 | 494 | | subsection does not apply to any payments received pursuant to the federal Social Security Act or 7 |
|---|
| 495 | 495 | | to payments from a military pension earned prior to participation in state or municipal employment, 8 |
|---|
| 496 | 496 | | or to military service credits earned prior to participation in state or municipal employment. 9 |
|---|
| 497 | 497 | | (5) A member who seeks to purchase or receive service credit in this retirement system has 10 |
|---|
| 498 | 498 | | the affirmative duty to disclose to the retirement board whether or not he or she is a vested member 11 |
|---|
| 499 | 499 | | in any other retirement system and/or is receiving a pension retirement allowance or any annual 12 |
|---|
| 500 | 500 | | payment for life. The retirement board has the right to investigate whether or not the member has 13 |
|---|
| 501 | 501 | | utilized the same time of service for credit in any other retirement system. The member has an 14 |
|---|
| 502 | 502 | | affirmative duty to cooperate with the retirement board including, by way of illustration and not by 15 |
|---|
| 503 | 503 | | way of limitation, the duty to furnish or have furnished to the retirement board any relevant 16 |
|---|
| 504 | 504 | | information which is protected by any privacy act. 17 |
|---|
| 505 | 505 | | (6) A member who fails to cooperate with the retirement board shall not have the time of 18 |
|---|
| 506 | 506 | | service counted toward total service credit until a time that the member cooperates with the 19 |
|---|
| 507 | 507 | | retirement board and until a time that the retirement board determines the validity of the service 20 |
|---|
| 508 | 508 | | credit. 21 |
|---|
| 509 | 509 | | (7) A member who knowingly makes a false statement to the retirement board regarding 22 |
|---|
| 510 | 510 | | service time or credit is not entitled to a retirement allowance and is entitled only to the return of 23 |
|---|
| 511 | 511 | | his or her contributions without interest. 24 |
|---|
| 512 | 512 | | SECTION 4. This act shall take effect upon passage. 25 |
|---|
| 513 | 513 | | ======== |
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| 514 | 514 | | LC001400 |
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| 515 | 515 | | ======== |
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| 516 | 516 | | |
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| 517 | 517 | | |
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| 518 | 518 | | LC001400 - Page 15 of 15 |
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| 519 | 519 | | EXPLANATION |
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| 520 | 520 | | BY THE LEGISLATIVE COUNCIL |
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| 521 | 521 | | OF |
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| 522 | 522 | | A N A C T |
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| 523 | 523 | | RELATING TO EDUCATION -- TEACHERS' RETIREMENT |
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| 524 | 524 | | *** |
|---|
| 525 | 525 | | This act would allow teachers, state and municipal employees to retire upon the earlier of 1 |
|---|
| 526 | 526 | | reaching age sixty (60) with thirty (30) years of service or the employee's retirement eligibility date 2 |
|---|
| 527 | 527 | | under present state statutes. 3 |
|---|
| 528 | 528 | | This act would take effect upon passage. 4 |
|---|
| 529 | 529 | | ======== |
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| 530 | 530 | | LC001400 |
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| 531 | 531 | | ======== |
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| 532 | 532 | | |
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