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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Rhode Island General Laws Title 16. Education § 16-16-40.1. One-time adjustment to original retirement allowance - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-16-education/ri-gen-laws-sect-16-16-40-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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