§ 45-21.2-6 - Service retirement allowance.
SECTION 45-21.2-6
§ 45-21.2-6 Service retirement allowance.– (a) Upon retirement from service pursuant to subdivision (1), (2), or (3) of§ 45-21.2-5, a member receives a retirement allowance which is a lifeannuity terminable at the death of the annuitant and shall be an amount equalto two percent (2%) of final compensation multiplied by the years of totalservice, but not to exceed seventy-five percent (75%) of final compensation.
(b) Upon retirement from service pursuant to subdivision (4)of § 45-21.2-5, a member receives a retirement allowance which is a lifeannuity terminable at the death of the annuitant computed in accordance withsubsection (a) of this section, reduced by one-half of one percent ( 1/2%) foreach month that the member was under age fifty-five (55) at his or herretirement.
(c) Upon retirement, the member may elect to receive theactuarial equivalent of his or her retirement allowance in a lesser retirementallowance as determined by actuarial calculation, which is payable throughoutlife with the provision that:
(1) Option 1. A reduced retirement allowance payableduring the member's life with the provisions that after his or her death itshall continue during the life of and be paid to the person that he or shenominated by written designation duly acknowledged and filed with theretirement board at the time of retirement; or
(2) Option 2. A reduced retirement allowance payableduring the member's life with the provision that after his or her death anallowance equal to one-half ( 1/2) of his or her reduced allowance shallcontinue during the life of and be paid to the person that he or she nominatedby written designation duly acknowledged and filed with the board at the timeof retirement.