(a) Beginning July 1, 1987, in addition to the monthly pension benefits as set forth in ยงยง 24-11-401 -- 24-11-403, 24-11-405 -- 24-11-413, 24-11-416, 24-11-417, 24-11-422, 24-11-423, 24-11-425, 24-11-428 -- 24-11-430, 24-11-801 -- 24-11-807, 24-11-809, 24-11-813 -- 24-11-815, and 24-11-818 -- 24-11-820, for those police officers hired prior to January 1, 1983, and who continue to work beyond their twenty-fifth year, the member shall receive at age sixty (60) and thereafter a benefit on the amount equal to one and one-fourth percent (1.25%) of final salary attached to the rank which the member may have held in the department preceding the date of retirement multiplied by the number of years of service in excess of twenty-five (25) years up to a maximum total benefit of seventy-five percent (75%) of final salary, provided that the maximum seventy-five percent (75%) of final salary shall no longer apply to benefits payable on April 30, 1993, and thereafter to persons retiring henceforth and to those persons who retired on or after July 1, 1987.
(b) This benefit shall be payable to the member only and not to surviving spouses or dependent children.
(c) (1) For the purposes of this section, "salary" means recurring pays which are received for a regularly scheduled work week and shall not include, except as otherwise provided in this subsection, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations.
(2) The term "salary" may include the payments to those police officers under this section for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. The board of trustees shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.
Section: Previous 24-11-422 24-11-423 24-11-424 24-11-425 24-11-426 24-11-428 24-11-429 24-11-430 24-11-432 24-11-433 24-11-434 24-11-436 24-11-437 24-11-438 NextLast modified: November 15, 2016