§ 45-21-17 - Service retirement allowance. - Rhode Island Statutes

SECTION 45-21-17

   § 45-21-17  Service retirement allowance.– (a) Upon retirement from service after January 1, 1969, a member shall receivea retirement allowance which is a life annuity terminable upon death of theannuitant and is an amount is equal to two percent (2%) of final compensationmultiplied by the number of years of total service, not to exceed thirty-sevenand one-half (37 1/2) years; provided, that every person who has served as apart time elected official of the city of Cranston for a period of ten (10)years, is entitled to receive, upon retirement from that part time service, andnot being otherwise regularly employed by the city of Cranston in which thatperson has served, a service retirement allowance equivalent to fifty percent(50%) of the salary received at the time of retirement by that part timeelected official; and, provided, further, that if that person retires after aperiod of service greater than ten (10) years, the person is entitled toreceive an additional service retirement allowance equivalent to five percent(5%) of the salary received at the time of retirement for each whole year ofservice, in excess of ten (10) years up to a maximum additional allowanceequivalent to fifty percent (50%) of the salary received.

   (b) This section also applies to any former part time electedofficial of the city of Cranston who is presently receiving retirement benefitsfrom the municipal retirement system.

   (c) Every person who serves or has served at least four (4)years as a part time elected official of the city of Cranston may include thatperson's years of service as a member of the general assembly, and any othercredits acquired while serving as a legislator, when computing the person'speriod of service to the city of Cranston pursuant to the provisions of thissection.