(a) Prior to July 1, 2012, each member of the retirement system shall contribute an amount equal to eight and three-quarters percent (8.75%) of his or her compensation as his or her share of the cost of annuities, benefits, and allowances. Effective July 1, 2012, each member of the retirement system shall contribute an amount equal to three and three quarters percent (3.75%) of his or her compensation, except for correctional officers as defined in § 36-10-9.2 who shall contribute an amount equal to eight and three quarters percent (8.75%) of his or her compensation. Effective July 1, 2015, each member of the retirement system, except for correctional officers as defined in § 36-10-9.2, with twenty (20) or more years of total service as of June 30, 2012 shall contribute an amount equal to eleven percent (11%) of compensation. The contributions shall be made in the form of deductions from compensation.
(b) The deductions provided for herein shall be made notwithstanding that the minimum compensation provided by law for any member shall be reduced thereby. Every member shall be deemed to consent and agree to the deductions made and provided for herein and receipt of his or her full compensation and payment of compensation, less the deductions, shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the person during the period covered by the payment except as to the benefit provided under this chapter.
History of Section.
P.L. 1936, ch. 2334, § 5; G.L. 1938, ch. 18, § 5; P.L. 1947, ch. 1971, § 3; impl. am. P.L. 1950, ch. 2614, § 1; G.L. 1956, § 36-10-1; P.L. 1960, ch. 20, § 1; P.L. 1964, ch. 240, § 1; P.L. 1965, ch. 231, § 1; P.L. 1968, ch. 152, § 1; P.L. 1970, ch. 112, art. 3, § 1; P.L. 1976, ch. 289, § 3; P.L. 1978, ch. 168, § 1; P.L. 1979, ch. 332, § 2; P.L. 1985, ch. 331, § 2; P.L. 1988, ch. 509, § 1; P.L. 1989, ch. 227, § 1; P.L. 1990, ch. 360, § 1; P.L. 1995, ch. 370, art. 15, § 2; P.L. 2011, ch. 408, § 7; P.L. 2011, ch. 409, § 7; P.L. 2015, ch. 141, art. 21, § 2.