§ 36-10.3-7. Vesting of contributions.
(1) The total amount contributed by the member, including associated investment gains and losses, shall immediately vest in the member and is non-forfeitable.
(2) The total amount contributed by the employer, including associated investment gains and losses, vests with the member and is nonforfeitable upon completion of three (3) years of contributory service. Service credited under ERS or MERS prior to the effective date of this plan shall be credited to members for vesting purposes.
History of Section.P.L. 2011, ch. 408, § 9; P.L. 2011, ch. 409, § 9.
Structure Rhode Island General Laws
Title 36 - Public Officers and Employees
Chapter 36-10.3 - Defined Contribution Retirement Plan
Section 36-10.3-1. - Definitions.
Section 36-10.3-2. - Establishment.
Section 36-10.3-3. - Supplemental participation for local public employers.
Section 36-10.3-4. - Member contributions.
Section 36-10.3-5. - Employer contributions.
Section 36-10.3-6. - Supplemental employer and member contributions.
Section 36-10.3-7. - Vesting of contributions.
Section 36-10.3-8. - Investments.
Section 36-10.3-9. - Distributions.
Section 36-10.3-10. - Rollover contributions and distributions.
Section 36-10.3-11. - Annual report and statement.