R.I. Gen. Laws § 16-16-40.1

Current through 2024 Public Law 24
Section 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 §§ 45-13-7 through 45-13-10 shall not apply to this section.

R.I. Gen. Laws § 16-16-40.1

P.L. 1986, ch. 482, § 3.