§ 36-10-3 — § 36-10-3. Credits to individuals in annuity savings account.

§ 36-10-3. Credits to individuals in annuity savings account.

All contributions made by members and interest thereon to July 1, 1947, shall be credited to the individual members' accounts in the annuity savings account. Effective July 1, 1947, the amount of accumulated contributions in the accounts of the members of the system which have been credited to the annuity savings fund shall be transferred to the annuity savings account and maintained in that account to the credit of the individual members. Effective July 1, 1965, the accumulated contributions of any inactive member who has been separated from service for five (5) years or more whose total service is less than ten (10) years shall be transferred from the annuity savings account to the contingent reserve for state employees or teacher members as the case may be. These funds will be held in escrow and should any member reenter service and again become a member, his or her previous contributions shall be revived and reinstated to his or her account for all purposes of this system. A member will still be eligible for a refund of these contributions upon application by him or her or his or her heirs at any time. Member contributions made pursuant to § 36-10-1.1 or 16-16-22.1 pursuant to a plan for the employer pick up of employee contributions shall be credited to a separate fund within an individual member's account in the annuity savings account so that the amounts contributed prior to the effective date for the pick up of employee contributions may be distinguished from the amounts contributed on or after the date of which the governmental employer begins to pick up the employee contributions required by law.

Legislative History

G.L. 1938, ch. 18, § 5; P.L. 1947, ch. 1971, § 3; P.L. 1949, ch. 2377, § 1; G.L. 1956, § 36-10-3; P.L. 1965, ch. 110, § 1; P.L. 1983, ch. 137, § 2.