§ 45-21.2-22. Optional twenty year retirement on service allowance. (a) The local legislative bodies of the cities and towns may, by ordinance adopted, permit the retirement of a member on a service retirement allowance for members eligible to retire on or before June 30, 2012, as follows:

(1) Any member may retire pursuant to this section upon his or her written application to the board stating at what time he or she desires to retire; provided, that the member, at the specified time for his or her retirement, 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 at the 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 to exceed 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 one percent (1%) more than that contribution required under § 45-21.2-14;

(4) This section is exempt from the provisions of chapter 13 of this title.

(b) For members retiring on or after July 1, 2012, the member's retirement allowance shall equal the sum of (i) and (ii) where (i) is the member's benefit calculated under (a)(1)-(4) above or § 45-21.2-5 for service on and before June 30, 2012 and (ii) is the member's benefit determined under § 45-21.2-6 for service on and after July 1, 2012. For service on and after July 1, 2012, the provisions of (a)(3) above shall no longer apply.

History of Section. (P.L. 1988, ch. 538, § 1; P.L. 2009, ch. 310, § 50; P.L. 2011, ch. 408, § 12; P.L. 2011, ch. 409, § 12; P.L. 2012, ch. 486, § 1.)