(a) Notwithstanding § 45-21.2-22, the town council of the town of Burrillville, may by ordinance adopted, permit the retirement of a member on a service retirement allowance for members eligible to retire on or before June 30, 2012, as follows:
(1) Any member may retire pursuant to this section upon his or her written application to the board stating at what time he or she desires to retire; provided, that the member, at the specified time of his or her retirement, has completed at least twenty (20) years of total service;
(2) Upon retirement from service, pursuant to subdivision (1), a member receives a retirement allowance that is a life annuity terminable at the death of the annuitant, and is equal to three percent (3%) of final compensation multiplied by the years of total service, but not to exceed sixty percent (60%) of final compensation;
(3) Upon retirement from service where member has in excess of twenty (20) years of service, a member receives a retirement allowance that is a life annuity terminable at the death of the annuitant, and is an amount equal to the sum of three percent (3%) of final compensation multiplied by the first twenty (20) years of service and one and one-half percent (1.5%) of final compensation multiplied by the years of service in excess of twenty (20) years. The annual retirement allowance in no event shall exceed seventy-five percent (75%) of final compensation;
(4) Upon the adoption of a service retirement allowance, pursuant to this section, each member shall contribute an amount equal to ten and two-tenths percent (10.2%) of the salary or compensation earned or accrued to the member;
(5) Notwithstanding anything to the contrary hereinabove, any member who retires with less than twenty (20) years of service shall be subject to § 45-21.2-6 for purposes of determining any service retirement allowance;
(6) This section is exempt from the provisions of chapter 13 of this title;
(7) Except as specifically set forth hereinabove, all other provisions of chapter 21.2 of this title shall be applicable to Burrillville police officers who make application to retire.
(b) For members retiring on or after July 1, 2012, the member's retirement allowance shall equal the sum of (i) and (ii) where (i) is the member's benefit calculated under (a)(1) through (a)(7) above for service on and before June 30, 2012, and (ii) is the member's benefit determined under § 45-21.2-6 for service on and after July 1, 2012. For service on and after July 1, 2012, the provisions of (a)(4) above shall no longer apply.
History of Section.
P.L. 2004, ch. 226, § 2; P.L. 2004, ch. 242, § 2; P.L. 2011, ch. 408, § 12; P.L. 2011, ch. 409, § 12; P.L. 2012, ch. 486, § 1.