Rhode Island General Laws 45-21-16.2. Electronic funds transfer
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All members of the municipal employees retirement system retiring under the provisions of this title on or after July 1, 1998, or joining the system pursuant to § 45-21.4-2 or § 45-21.4-3, are required to participate in electronic funds transfer and to supply the municipal employees retirement system with a bank routing number to effectuate a monthly transfer of benefits.
History of Section.
P.L. 1998, ch. 81, § 2; P.L. 2019, ch. 272, § 1; P.L. 2019, ch. 277, § 1.
Terms Used In Rhode Island General Laws 45-21-16.2
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Retirement system: means the "municipal employees' retirement system of the state of Rhode Island" as defined in §?45-21-32. See Rhode Island General Laws 45-21-2