§ 16-16-40.1 — § 16-16-40.1. One-time adjustment to original retirement allowance.

Rhode Island § 16-16-40.1

• Jurisdiction: Rhode Island
• Title 16: Education
• Ch. 16-16: Teachers’ Retirement [See Title 16 Chapter 97 — The Rhode Island Board of Education Act]

Text

§ 16-16-40.1. One-time adjustment to original retirement allowance.

(a) All teachers and the beneficiaries of teachers who retired during the calendar year 1979 shall receive an additional eight percent (8%) to their original retirement allowance.

(b) All teachers and the beneficiaries of teachers who retired during calendar year 1978 shall receive an additional two percent (2%) added to the base eight percent (8%) paid to the 1979 retirees. Provided, further that an additional two percent (2%) of the retirement allowance shall be paid for each year to a maximum of twenty percent (20%) to those retirees and beneficiaries who retired in calendar year 1973 and prior to 1973 as indicated in the following schedule:

Year of Retirement	Additional Percentage
1979	8%
1978	10%
1977	12%
1976	14%
1975	16%
1974	18%
1973	20%
Years prior to 1973	20%

(c) The additional percentage shall be incorporated into the recipient's monthly benefit starting with the payment due on or after July 31, 1986.

(d) The provisions of §§â€‚45-13-7 through 45-13-10 shall not apply to this section.

Legislative History

P.L. 1986, ch. 482, § 3.