(a) Every city or town may by ordinance provide that every person who has served as a member of the legislative body of the city or town for a period of ten (10) years and has attained the age of sixty (60), or who has served for a period of twenty (20) years, is entitled to receive upon retirement from the legislative body, and not being otherwise regularly employed by the city or town 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 the legislative official; however, not less than a sum of two hundred dollars ($200) for each year served; provided, further, that if the person retires after a period of service greater than ten (10) years, that 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. Service in excess of six (6) months in any one year constitutes one full retirement credit year. Every person qualified under this section can purchase up to four (4) years of armed service credits in accordance with the provisions of § 36-9-31.
(b) The provisions of this section only apply to those persons presently serving on city or town legislative bodies as of May 15, 1973.
History of Section.
P.L. 1973, ch. 239, § 1; P.L. 1974, ch. 261, § 1.