§ 16-16-13. Amount of service retirement allowance.
(a)(1)(i) For teachers eligible to retire on or before September 30, 2009, upon retirement from
service under §â€‚16-16-12 a teacher 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 for
service prior to July 1, 2012.
SCHEDULE A
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 teachers eligible to retire on or after October 1, 2009, who were not eligible
to retire on or before September 30, 2009, upon retirement for service under §â€‚16-16-12, a teacher 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 from service under §â€‚16-16-12 a teacher 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 for
service prior to July 1, 2012.
SCHEDULE B
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 teacher 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 the member's 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 teachers 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;
provided, however for teachers retiring on or after July 1, 2024, the calculation
shall be based on the average highest three (3) consecutive years of compensation.
The retirement allowance of any teacher 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 be in an amount equal to the percentage allowance specified in Schedule
B of the member's 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 completion of thirty-eight (38) years of service;
provided, however, for teachers 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; provided, however, for
teachers retiring on or after July 1, 2024, the calculation shall be based on the
average highest three (3) consecutive years of compensation.
Any teacher who has in excess of thirty-five (35) years on or before June 2, 1985,
shall not be entitled to any refund, and any teacher with thirty-five (35) years or
more on or after June 2, 1985, shall contribute from July 1, 1985, until their retirement.
(c) For service prior to July 2012, the retirement allowance of a teacher shall be determined
in accordance with subsections (a)(1) and (a)(2) above. For service on and after July
1, 2012:
(i) For teachers with fewer than twenty (20) years of total service as of June 30, 2012,
a teacher's retirement allowance shall be equal to one percent (1%) of the teacher's
average compensation multiplied by the teacher's years of total service on and after
July 1, 2012; and
(ii) For teachers with twenty (20) or more years of total service as of June 30, 2012,
a teacher's retirement allowance shall be equal to one percent (1%) of the teacher's
average compensation multiplied by the teacher's years of total service between July
1, 2012, and June 30, 2015, and two percent (2%) of the teacher's average compensation
multiplied by the teacher's years of total service on and after July 1, 2015. For
purposes of computing a teacher'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 teacher's
retirement allowance exceed the maximum limitations set forth in subsection (b) above.