§ 15-5-307 — Retirement age; length of service; pension amounts; leaving service early; benefit adjustment

(a) When any person duly appointed or selected and sworn
as a member in any capacity or rank, other than department
chief, of the police department of any city or town subject to
the provisions of this article becomes sixty (60) years of age,
the board shall order that person retired from further service.
When any person has served twenty (20) years with the same
police department, he may retire at that time, although not
sixty (60) years of age, except that any person employed after
June 30, 1981 shall serve for twenty (20) continuous years with
the same department in order to be eligible for retirement prior
to age sixty (60). When the board issues an order of retirement,
it terminates the service of the person in the police
department, except as provided in cases of emergency, and that
person during his lifetime shall be paid a yearly pension equal
to two and one-half percent (2 1/2%) of the average annual
salary received during his highest paid five (5) year period,
multiplied by the number of years service. However, no pension
may exceed sixty-two and one-half percent (62 1/2%) of the
average salary for the five (5) year period.
(b) If for any reason the person leaves the service before
completion of ten (10) years of service he shall receive in one
(1) sum the amount without interest he has paid into the pension
fund. After the completion of ten (10) years service he has the
option of drawing out the money paid in or leaving it until he
reaches the age of sixty (60) years and then being eligible to
retire under the provisions of this section.
(c) In addition to any other benefit provided by this
section, each retired person shall receive a benefit of three
percent (3%) per year for each full year that person has
received retirement payments under this article prior to July 1,
1981.