§ 36-10-10 - Amount of service retirement allowance.
SECTION 36-10-10
§ 36-10-10 Amount of service retirementallowance. – (a) For employees eligible to retire on or before September 30, 2009, uponretirement for service under § 36-10-9, a member 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 below:
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 employees eligible to retire on or after October 1,2009, who were not eligible to retire on or before September 30, 2009, uponretirement from service under § 36-10-9, a member 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 for service under § 36-10-9, amember whose membership commenced after July 1, 2005, or who has not completedat least ten (10) years of contributory service as of July 1, 2005, shall,receive a retirement allowance which shall be determined in accordance withSchedule B below:
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 member 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 employees 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 memberwho has in excess of thirty-five (35) years on or before June 2, 1985, shallnot be entitled to any refund, and any member with thirty-five (35) years ormore on or after June 2, 1985, shall contribute from July 1, 1985, until his orher retirement.
The retirement allowance of any member whose membershipcommenced after July 1, 2005 or who had 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 the completion of thirty-eight (38) years of service;provided, however, for employees 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.
(c) Any member with thirty-eight (38) years or more ofservice prior to December 31, 1985, shall not be required to make additionalcontributions. Contributions made between December 31, 1985, and July 1, 1987,by members with thirty-eight (38) or more years of service prior to December31, 1985, shall be refunded by the retirement board to the persons, theirheirs, administrators, or legal representatives.