§ 16-15-14 - Annual grant for teachers retiring after July 1, 1949.
SECTION 16-15-14
§ 16-15-14 Annual grant for teachersretiring after July 1, 1949. – (a) The general assembly shall annually appropriate a sum sufficient to pay anadditional annual retirement grant of four hundred dollars ($400) per year fora payment of a pension of not more than two thousand dollars ($2,000) annuallyto every retired teacher who qualified for either a pension or retirementbenefits under the provisions of this chapter.
(b) It shall also annually appropriate a sum sufficient topay an additional pension grant which when added to the existing pension willprovide a maximum annual pension of two thousand dollars ($2,000) to anyretired teacher on an ordinary disability pension who has twenty (20) or moreyears of teaching service credit in the retirement system and to any retiredteacher under the maximum plan who has twenty (20) or more years of teachingservice credit in the retirement system who retired after July 1, 1949, andwhose present annual pension under the provisions of chapter 16 of this titleis less than two thousand dollars ($2,000).
(c) This grant shall be an annual state grant and shall be inaddition to any and all amounts being paid from any state pension or retirementsystem and in addition to any payments from a retirement or pension system ofany city or town.
(d) All money appropriated in accordance with the amendedprovisions of this chapter for the retired teachers shall be administered bythe department of elementary and secondary education, and all moneyappropriated in accordance with the amended provisions of chapter 16 of thistitle for the retired teachers shall be administered by the retirement divisionin the department of treasury.