Rhode Island General Laws Title 45. Towns and Cities § 45-21.2-6. Service retirement allowance

(a) Upon retirement from service pursuant to § 45-21.2-5, a member receives a retirement allowance which is a life annuity terminable at the death of the annuitant and shall be an amount equal to two percent (2%) of final compensation multiplied by the years of total service, provided that a member who retires upon the attainment of age of fifty-seven (57) years and has completed at least thirty (30) years of total service shall receive a retirement allowance which is a life annuity terminable at the death of the annuitant and shall be an amount equal to the greater of: (i) Two and one quarter percent (2.25%) of final compensation multiplied by total years of service; or (ii) The member's accrued benefit determined as of June 30, 2012, plus two and one quarter percent (2.25%) of final compensation multiplied by member's years of service after June 30, 2012; provided further that the life annuity under this subsection (a) shall not exceed seventy-five percent (75%) of final compensation.

(b) Upon retirement, the member may elect to receive the actuarial equivalent of his or her retirement allowance in a lesser retirement allowance as determined by actuarial calculation, which is payable throughout life with the provision that:

(c) If prior to July 1, 2012, a member elected an optional form of benefit other than a life annuity in accordance with paragraph (b)(1) or (2) above, the member may elect to change his or her form of benefit to a life annuity by filing an election with the retirement board on or before June 30, 2013, provided that the member's beneficiary is still alive at the time the election is filed.