Rhode Island § 45-21-17 - Retirement of Municipal Employees

§ 45-21-17. Service retirement allowance.

(a) Upon retirement from service after January 1, 1969, a member shall receive a retirement allowance which is a life annuity terminable upon death of the annuitant and is an amount equal to two percent (2%) of final compensation multiplied by the number of years of total service, not to exceed thirty-seven and one-half (37½) years for services on and prior to June 30, 2012. For service on and after July 1, 2012: (i) For members with fewer than twenty (20) years of total service as of June 30, 2012, a member’s retirement allowance shall be equal to one percent (1%) of the member’s final compensation multiplied by the member’s years of total service on and after July 1, 2012; and (ii) For members with twenty (20) or more years of total service as of June 30, 2012, a member’s retirement allowance shall be equal to one percent (1%) of the member’s average compensation multiplied by the member’s years of total service between July 1, 2012, and June 30, 2015, and two percent (2%) of the member’s average compensation multiplied by the member’s years of total service on and after July 1, 2015. For purposes of computing a member’s total service under the preceding sentence, service purchases shall be included in total service only with respect to those service purchases approved prior to June 30, 2012, and those applications for service purchases received by the retirement system on or before June 30, 2012. In no event shall a member’s retirement allowance exceed seventy-five percent (75%) of the member’s final compensation. Provided, however, that every person elected prior to July 1, 2012, who has served as a part 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, and not being otherwise regularly employed by the city of Cranston in which that person has served, a service retirement allowance equivalent to fifty percent (50%) of the salary received at the time of retirement by that part time elected official; and, provided, further, that if that person retires after a period of service greater than ten (10) years, the person is entitled to receive an additional service retirement allowance equivalent to five percent (5%) of the salary received at the time of retirement for each whole year of service, in excess of ten (10) years up to a maximum additional allowance equivalent to fifty percent (50%) of the salary received.

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

(c) Every person elected prior to July 1, 2012, who serves or has served at least four (4) years as a part time elected official of the city of Cranston may include that person’s years of service as a member of the general assembly, and any other credits acquired while serving as a legislator, when computing the person’s period of service to the city of Cranston pursuant to the provisions of this section.