§ 16-16-13 - Amount of service retirement allowance.
SECTION 16-16-13
§ 16-16-13 Amount of service retirementallowance. – (a) For teachers eligible to retire on or before September 30, 2009, uponretirement from service under section 16-16-12 a teacher whose membershipcommenced before July 1, 2005 and who has completed at least ten (10) years ofcontributory service on or before July 1, 2005, shall, receive a retirementallowance which shall be determined in accordance with schedule A:
SCHEDULE A
YEARS OF SERVICE PERCENTAGE ALLOWANCE
1st through 10th inclusive 1.7%
11th through 20th inclusive 1.9%
21st through 34th inclusive 3.0%
35th 2.0%
(ii) For teachers eligible to retire on or after October 1,2009 who were not eligible to retire on or before September 30, 2009, uponretirement for service under § 16-16-12, a teacher whose membershipcommenced before July 1, 2005 and who has completed at least ten (10) years ofcontributory service on or before July 1, 2005 shall receive a retirementallowance which shall be determined in accordance with schedule A above forservice on before September 30, 2009, and shall be determined in accordancewith schedule B in subsection (a)(2) below for service on or after October 1,2009:
(2) Upon retirement from service under § 16-16-12 ateacher whose membership commenced after July 1, 2005 or who has not completedat least ten (10) years of contributory service as of July 1, 2005 shallreceive a retirement allowance which shall be determined in accordance withSchedule B.
SCHEDULE B
YEARS OF SERVICE PERCENTAGE ALLOWANCE
1st through 10th inclusive 1.60%
11th through 20th inclusive 1.80%
21st through 25th inclusive 2.0%
26th through 30th inclusive 2.25%
31st through 37th inclusive 2.50%
38th 2.25%
(b) The retirement allowance of any teacher whose membershipcommenced before July 1, 2005 and who has completed at least ten (10) years ofcontributory service on or before July 1, 2005 shall be in an amount equal tothe percentage allowance specified in subsection (a)(1) of his or her averagehighest three (3) consecutive years of compensation multiplied by the number ofyears of total service, but in no case to exceed eighty percent (80%) of thecompensation, payable at completion of thirty-five (35) years of service;provided, however, for teachers retiring on or after October 1, 2009 who werenot eligible to retire as of September 30, 2009 the calculation shall be basedon the average highest five (5) consecutive years of compensation.
The retirement allowance of any teacher whose membershipcommenced after July 1, 2005 or who has not completed at least ten (10) yearsof contributory service as of July 1, 2005 shall be in an amount equal to thepercentage allowance specified in Schedule B of his or her average highestthree (3) consecutive years of compensation multiplied by the number of yearsof total service, but in no case to exceed seventy-five percent (75%) of thecompensation, payable at completion of thirty-eight (38) years of service;provided, however, for teachers retiring on or after October 1, 2009 who werenot eligible to retire as of September 30, 2009 the calculation shall be basedon the average highest five (5) consecutive years of compensation.
Any teacher who has in excess of thirty-five (35) years on orbefore June 2, 1985 shall not be entitled to any refund, and any teacher withthirty-five (35) years or more on or after June 2, 1985 shall contribute fromJuly 1, 1985 until his or her retirement.