§ 36-10-10. Amount of service retirement allowance.
(a)(1)(i) For employees eligible to retire on or before September 30, 2009, upon retirement for service under § 36-10-9, a member whose membership commenced before July 1, 2005, and who has completed at least ten (10) years of contributory service on or before July 1, 2005, shall receive a retirement allowance which shall be determined in accordance with schedule A below for service prior to July 1, 2012:
| Years of Service | Percentage Allowance | |
|---|---|---|
| 1st through 10th inclusive | 1.7% | |
| 11th through 20th inclusive | 1.9% | |
| 21st through 34th inclusive | 3.0% | |
| 35th | 2.0% |
(ii) For employees eligible to retire on or after October 1, 2009, who were not eligible to retire on or before September 30, 2009, upon retirement from service under § 36-10-9, a member whose membership commenced before July 1, 2005, and who has completed at least ten (10) years of contributory service on or before July 1, 2005, shall receive a retirement allowance which shall be determined in accordance with schedule A above for service on before September 30, 2009, and shall be determined in accordance with schedule B in subsection (a)(2) below for service on or after October 1, 2009, and prior to July 1, 2012.
(2) Upon retirement for service under § 36-10-9, a member whose membership commenced after July 1, 2005, or who has not completed at least ten (10) years of contributory service as of July 1, 2005, shall, receive a retirement allowance which shall be determined in accordance with Schedule B below for service prior to July 1, 2012:
| Years of Service | Percentage Allowance | ||
|---|---|---|---|
| 1st through 10th inclusive | 1.60% | ||
| 11th through 20th inclusive | 1.80% | ||
| 21st through 25th inclusive | 2.0% | ||
| 26th through 30th inclusive | 2.25% | ||
| 31st through 37th inclusive | 2.50% | ||
| 38th | 2.25% | ||
(b) The retirement allowance of any member whose membership commenced before July 1, 2005, and who has completed at least ten (10) years of contributory service on or before July 1, 2005, shall be in an amount equal to the percentage allowance specified in subsection (a)(1) of his or her average highest three (3) consecutive years of compensation multiplied by the number of years of total service, but in no case to exceed eighty percent (80%) of the compensation payable at completion of thirty-five (35) years of service; provided, however, for employees retiring on or after October 1, 2009, who were not eligible to retire as of September 30, 2009 the calculation shall be based on the average highest five (5) consecutive years of compensation. Any member who has in excess of thirty-five (35) years on or before June 2, 1985, shall not be entitled to any refund, and any member with thirty-five (35) years or more on or after June 2, 1985, shall contribute from July 1, 1985, until his or her retirement.
The retirement allowance of any member whose membership commenced after July 1, 2005, or who had not completed at least ten (10) years of contributory service as of July 1, 2005, shall, be in an amount equal to the percentage allowance specified in Schedule B of his or her average highest three (3) consecutive years of compensation multiplied by the number of years of total service, but in no case to exceed seventy-five percent (75%) of the compensation payable at the completion of thirty-eight (38) years of service; provided, however, for employees retiring on or after October 1, 2009, who were not eligible to retire as of September 30, 2009, the calculation shall be based on the average highest five (5) consecutive years of compensation.
(c) Any member with thirty-eight (38) years or more of service prior to December 31, 1985, shall not be required to make additional contributions. Contributions made between December 31, 1985, and July 1, 1987, by members with thirty-eight (38) or more years of service prior to December 31, 1985, shall be refunded by the retirement board to the persons, their heirs, administrators, or legal representatives.
(d) For service prior to July 1, 2012, the retirement allowance of a member shall be determined in accordance with subsections (a)(1) and (a)(2) above. For service on and after July 1, 2012, a member’s retirement allowance shall be equal to:
(i) For members with fewer than twenty (20) years of total service as of June 30, 2012, one percent (1%) of the member’s average 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 the maximum limitations set forth in paragraph (b) above.
History of Section.
P.L. 1984, ch. 12, § 2; P.L. 1985, ch. 331, § 2; P.L. 1986, ch. 542, § 1; P.L. 1987,
ch. 35, § 1; P.L. 1987, ch. 354, § 1; P.L. 1987, ch. 605, § 1; P.L. 2005, ch. 117,
art. 7, § 2; P.L. 2009, ch. 68, art. 7, § 3; P.L. 2011, ch. 408, § 7; P.L. 2011, ch.
409, § 7; P.L. 2015, ch. 141, art. 21, § 5.