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I know that this is primarily a RAW forum, but I would like some opinions on RAI, as the RAW seems pretty clear...

Here's the relevant rules text, since many won't have access to it:

Up to four Retributors may replace their boltguns with one of the following:...
- Heavy Bolter
...

One Retributor may take a Simulacrum Imperialis
...

Question becomes, can a retributor have both a heavy bolter and a simulacrum imperialis? RAW seems to be yes.

So then here somes the kink in the works, from the FAQ:

Q: If a model in a Sororitas Command Squad is equipped with a simulacrum imperialis or blessed banner, can they also be equipped with a special or heavy weapon? (p85)
A: No.

Options text are very similar:

One Celestian may take either:
- Simulacrum Imperialis...
- Blessed banner...

Any Celestian may replace her boltgun with:
...
- Heavy bolter
...

Although, RAW, the FAQ says nothing about Retributors, I would like to play "on-the-level" so to speak. So, how would you play it?

The RAW isn't clear enough, and doesn't say that it's one or the other. I'd say the RAI is absolutely that it's either or though. Look at the simulacrum. It's a huge stick with a box on top of it. Even operating a bolter is gonna be awkward while lugging that thing around, and lik you said, the FAQ supports it... but still... the RAW is allowing it with no restrictions set.

I'll play it by keeping my simulacrum carrier using a bolter. Less eggs in a basket anyway.

My Simulacrum Imperialis is the Inquisitorial I with the bones in it from the Grey Knights Terminator kit strapped to a Heavy Bolter Retributor's backpack.

I never thought of it as a rules issue, just a modelling one...

I don't see why the situation would be different to the one in the FAQ so I'd go with the FAQ response, despite RAW clearly allowing you to take both IMO.

I would ask what the Command squad options say since rets and cels options may be worded differently from the command ones. RAW I would argue it doesn't replace and the FAQ mentions the command squad, not retributors.

I would also go with yes, it doesnt say either or, and the FAQ only mentions the command squad, so crack on

Our local group plays it as yes, both a heavy bolter and simulacrum on one retributer.

however, i usually run a 6 man ret squad manning the aegis. 4 bolters, 1 bolter with sim, 1 superior. and i put both the bolter and superior in base to base with the quad, so if i lose a guy i have a backup to fire the quad without sacrificing a heavy bolter to man it.... unless i really, really need the 15pts elsewhere.

It's legal and has some benefits, but modelling it might be tricky. RAI maybe you aren't meant to, but you physically can.

RAW: Yes, it does not take away a required item, and the FAQ does not forbid it(while it does forbid a similar situation in a similar squad)

RAI: Unknown, but likely not, it is expressly forbidden in a similar situation via FAQ.

HIWPI: I would add the extra sister to the squad, points willing I might add a few extra sisters for wound soaking, but it seems like they want it as 1/retributor just like the 1/celestian