The bill amends Section 36-9-31 of the General Laws in Chapter 36-9, which pertains to the retirement system membership and service credits. It introduces new provisions allowing active members of the retirement system, specifically police officers and firefighters who have served in the National Guard or reserves and qualify as veterans, to purchase creditable service. This service can be purchased at a ratio of five years of guard or reserve service to one year of creditable service, with a maximum of four years, provided they have received an honorable discharge. Additionally, it ensures that members on an official leave of absence for illness or injury are eligible to purchase military credits during their leave.

The bill does not alter existing provisions regarding the cost of purchasing these credits, which is set at ten percent of the member's first year's earnings as a state employee, multiplied by the number of years of service. It specifies that there will be no interest charged if the purchase is made within the first five years of membership, while regular interest will apply for purchases made after that period. Furthermore, members who were part of the retirement system before July 1, 1980, will not incur any interest charges when purchasing armed service credits. The act is set to take effect upon passage.

Statutes affected:
6253: 36-9-31