§ 45-21.2-22 - Optional twenty year retirement on service allowance.
SECTION 45-21.2-22
§ 45-21.2-22 Optional twenty yearretirement on service allowance. – The local legislative bodies of the cities and towns may, by ordinance adopted,permit the retirement of a member on a service retirement allowance as follows:
(1) Any member may retire pursuant to this section upon hisor her written application to the board stating at what time he or she desiresto retire; provided, that the member, at the specified time for his or herretirement, has completed at least twenty (20) years of total service, and,notwithstanding that the member may have separated from service;
(2) Upon retirement from service pursuant to subdivision (1),a member receives a retirement allowance which is a life annuity terminable atthe death of the annuitant, and is equal to two and one-half percent (2 1/2%)of final compensation multiplied by the years of total service, but not toexceed seventy-five percent (75%) of final compensation;
(3) Upon the adoption of a service retirement allowance,pursuant to this subdivision, each member contributes an amount equal to onepercent (1%) more than that contribution required under § 45-21.2-14;
(4) This section is exempt from the provisions of chapter 13of this title.