2009 Rhode Island Code
Title 45 - Towns and cities
CHAPTER 45-21.2 - Optional Retirement for Members of Police Force and Fire Fighters
§ 45-21.2-6 - Service retirement allowance.

SECTION 45-21.2-6

   § 45-21.2-6  Service retirement allowance. – (a) Upon retirement from service pursuant to subdivision (1), (2), or (3) of § 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, but not to exceed seventy-five percent (75%) of final compensation.

   (b) Upon retirement from service pursuant to subdivision (4) of § 45-21.2-5, a member receives a retirement allowance which is a life annuity terminable at the death of the annuitant computed in accordance with subsection (a) of this section, reduced by one-half of one percent ( 1/2%) for each month that the member was under age fifty-five (55) at his or her retirement.

   (c) 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 ( 1/2) 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.