Providence Teachers' Union v. Employees' Retirement System, 98-2672 (1999)

DECISION

This declaratory judgment proceeding is before the Court for decision on the narrow issue of whether the retirement system may charge regular interest (at 5 percent) compounded annually to the date of payment for the purchase of service credits for time spent as a per diem substitute teacher if such purchase occurs more than 12 months following the teacher becoming a member of the retirement system. If interest, at the rate aforesaid (or at some other rate) may be charged, as between defendant Providence School Board and plaintiffs Larson and Quinn (and by inference other Providence…