§ 45-21.2-22.1 - Burrillville police – Optional twenty-year retirement on service allowance. - Rhode Island Statutes

SECTION 45-21.2-22.1

   § 45-21.2-22.1  Burrillville police –Optional twenty-year retirement on service allowance. – Notwithstanding § 45-21.2-22, the town council of the town ofBurrillville, may by ordinance adopted, permit the retirement of a member on aservice 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 of his or herretirement, has completed at least twenty (20) years of total service;

   (2) Upon retirement from service, pursuant to subdivision(1), a member receives a retirement allowance that is a life annuity terminableat the death of the annuitant, and is equal to three percent (3%) of finalcompensation multiplied by the years of total service, but not to exceed sixtypercent (60%) of final compensation;

   (3) Upon retirement from service where member has in excessof twenty (20) years of service, a member receives a retirement allowance thatis a life annuity terminable at the death of the annuitant, and is an amountequal to the sum of three percent (3%) of final compensation multiplied by thefirst twenty (20) years of service and one and one-half percent (1.5%) of finalcompensation multiplied by the years of service in excess of twenty (20) years.The annual retirement allowance in no event shall exceed seventy-five percent(75%) of final compensation;

   (4) Upon the adoption of a service retirement allowance,pursuant to this section, each member shall contribute an amount equal to tenand two-tenths percent (10.2%) of the salary or compensation earned or accruedto the member;

   (5) Notwithstanding anything to the contrary hereinabove, anymember who retires with less than twenty (20) years of service shall be subjectto § 45-21.2-6 for purposes of determining any service retirementallowance;

   (6) This section is exempt from the provisions of chapter 13of this title;

   (7) Except as specifically set forth hereinabove, all otherprovisions of chapter 21.2 of this title shall be applicable to Burrillvillepolice officers who make application to retire.