§ 45-21.2-6. Service retirement allowance.
(a) Upon retirement from service pursuant to § 45-21.2-5, a member receives a retirement allowance which is a life annuity terminable at the death of the annuitant and shall be an amount equal to two percent (2%) of final compensation multiplied by the years of total service, provided that a member who retires upon the attainment of age of fifty-seven (57) years and has completed at least thirty (30) years of total service shall receive a retirement allowance which is a life annuity terminable at the death of the annuitant and shall be an amount equal to the greater of: (i) Two and one quarter percent (2.25%) of final compensation multiplied by total years of service; or (ii) The member’s accrued benefit determined as of June 30, 2012, plus two and one quarter percent (2.25%) of final compensation multiplied by member’s years of service after June 30, 2012; provided further that the life annuity under this subsection (a) shall not exceed seventy-five percent (75%) of final compensation.
(b) Upon retirement, the member may elect to receive the actuarial equivalent of his or her retirement allowance in a lesser retirement allowance as determined by actuarial calculation, which is payable throughout life with the provision that:
(1) Option 1. A reduced retirement allowance payable during the member’s life with the provisions that after his or her death it shall continue during the life of and be paid to the person that he or she nominated by written designation duly acknowledged and filed with the retirement board at the time of retirement; or
(2) Option 2. A reduced retirement allowance payable during the member’s life with the provision that after his or her death an allowance equal to one-half (½) of his or her reduced allowance shall continue during the life of and be paid to the person that he or she nominated by written designation duly acknowledged and filed with the board at the time of retirement.
(c) If prior to July 1, 2012, a member elected an optional form of benefit other than a life annuity in accordance with paragraph (b)(1) or (2) above, the member may elect to change his or her form of benefit to a life annuity by filing an election with the retirement board on or before June 30, 2013, provided that the member’s beneficiary is still alive at the time the election is filed.
History of Section.P.L. 1968, ch. 230, § 1; P.L. 1988, ch. 513, § 1; P.L. 2011, ch. 408, § 12; P.L. 2011, ch. 409, § 12; P.L. 2015, ch. 141, art. 21, § 26.
Structure Rhode Island General Laws
Chapter 45-21.2 - Optional Retirement for Members of Police Force and Firefighters
Section 45-21.2-2. - Definitions.
Section 45-21.2-3. - Optional retirement for police and firefighters.
Section 45-21.2-4. - Mode of administration.
Section 45-21.2-5. - Retirement on service allowance.
Section 45-21.2-5.1. - Retirement credits for layoffs.
Section 45-21.2-6. - Service retirement allowance.
Section 45-21.2-6.1. - South Kingstown police department — Retirement allowance.
Section 45-21.2-6.2. - Johnston police department retirement allowance.
Section 45-21.2-6.3. - Richmond police department — Retirement allowance.
Section 45-21.2-7. - Retirement for ordinary disability.
Section 45-21.2-8. - Ordinary disability allowance.
Section 45-21.2-9. - Retirement for accidental disability.
Section 45-21.2-10. - Accidental disability allowance.
Section 45-21.2-11. - Accidental death benefits.
Section 45-21.2-12. - Ordinary death benefit.
Section 45-21.2-13. - Benefit on death of retired member.
Section 45-21.2-14. - Contributions.
Section 45-21.2-15. - Tax exemption — Fraudulent claims — Amendment.
Section 45-21.2-16. - Call system credit — North Providence fire department.
Section 45-21.2-17. - Woonsocket police department.
Section 45-21.2-17.1. - Woonsocket fire department.
Section 45-21.2-17.2. - Cranston Fire Department.
Section 45-21.2-17.3. - Cranston Police Department.
Section 45-21.2-18. - Call system credit — North Kingstown fire department.
Section 45-21.2-19. - Volunteer time and call system credit — East Greenwich fire district.
Section 45-21.2-21. - Optional annuity protection — Death while employee or inactive member status.
Section 45-21.2-22. - Optional twenty year retirement on service allowance.
Section 45-21.2-22.1. - Burrillville police — Optional twenty-year retirement on service allowance.
Section 45-21.2-23. - North Smithfield volunteer fire department.
Section 45-21.2-24. - Actuarial studies of retirement allowances.