§ 45-21-17.1 - Optional service retirement benefits – Applicability to members of city or town legislative bodies. - Rhode Island Statutes

SECTION 45-21-17.1

   § 45-21-17.1  Optional service retirementbenefits – Applicability to members of city or town legislative bodies.– (a) Every city or town may by ordinance provide that every person who hasserved as a member of the legislative body of the city or town for a period often (10) years and has attained the age of sixty (60), or who has served for aperiod of twenty (20) years, is entitled to receive upon retirement from thelegislative body, and not being otherwise regularly employed by the city ortown in which that person has served, a service retirement allowance equivalentto fifty percent (50%) of the salary received at the time of retirement by thelegislative official; however, not less than a sum of two hundred dollars($200) for each year served; provided, further, that if the person retiresafter a period of service greater than ten (10) years, that person is entitledto receive an additional service retirement allowance equivalent to fivepercent (5%) of the salary received at the time of retirement for each wholeyear of service in excess of ten (10) years up to a maximum additionalallowance equivalent to fifty percent (50%) of the salary received. Service inexcess of six (6) months in any one year constitutes one full retirement credityear. Every person qualified under this section can purchase up to four (4)years of armed service credits in accordance with the provisions of §36-9-31.

   (b) The provisions of this section only apply to thosepersons presently serving on city or town legislative bodies as of May 15, 1973.