ARTICLE III. - OPTIONAL 20-YEAR RETIREMENT ON SERVICE ALLOWANCE
Part of the Code of Ordinances of Burrillville, RI.
The text
Sec. 18-30. - Twenty years service required.#
Any member may retire pursuant to this article 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 20 years of total service.
(Ord. of 2-8-2006)
Sec. 18-31. - Retirement allowance for 20 years service.#
Upon retirement from service, pursuant to section 18-30, a member receives a retirement allowance that is a life annuity terminable at the death of the annuitant, and is equal to three percent of final compensation multiplied by the years of total service, but not to exceed 60 percent of final compensation.
(Ord. of 2-8-2006)
Sec. 18-32. - Retirement allowance for over 20 years service.#
Upon retirement from service where member has in excess of 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 of final compensation multiplied by the first 20 years of service and 1.5 percent of final compensation multiplied by the years of service in excess of 20 years. The annual retirement allowance in no event shall exceed 75 percent of final compensation.
(Ord. of 2-8-2006)
Sec. 18-33. - Member contribution.#
Upon the adoption of a service retirement allowance, pursuant to this section, each member shall contribute an amount equal to 10.2 percent of the salary or compensation earned or accrued to the member.
(Ord. of 2-8-2006)
Sec. 18-34. - Retirement with less than 20 years service.#
Notwithstanding anything to the contrary hereinabove, any member who retires with less than 20 years of service shall be subject to G.L. 1956, § 45-21.2-6 for purposes of determining any service retirement allowance.
(Ord. of 2-8-2006)
Sec. 18-35. - Exemption from G.L. 1956, Title 45, Chapter 13.#
This article is exempt from the provisions of G.L. 1956, Title 45, Chapter 13.
(Ord. of 2-8-2006)
Sec. 18-36. - Applicability of state law.#
Except as specifically set forth hereinabove, all other provision of G.L. 1956, Chapter 45-21.2, shall be applicable to Burrillville police officers who make application to retire.
(Ord. of 2-8-2006)
Sec. 18-37. - Authority for article.#
This article is adopted pursuant to the provisions of Chapter 226 of the Public Laws of Rhode Island 2004.
(Ord. of 2-8-2006)