§ 36-10-10.2. Amount of service retirement allowance - Correctional officers. (a) Upon retirement for service under § 36-10-9.2, a member with twenty-five (25) or more years of service as of June 30, 2012, shall receive a retirement allowance of an amount determined under (1) below. All other members shall receive a retirement allowance of an amount equal to the sum of (1) below for service prior to July 1, 2012, plus (2) below for service on and after July 1, 2012.
(1) Two percent (2%) of his or her average compensation multiplied by his or her first thirty (30) years of total service within the department of corrections; any and all years of remaining service shall be issued to the member at a retirement allowance of an amount equal to his or her average compensation multiplied by the percentage allowance determined in accordance with Schedule A below:
(b) A member who has rendered service as a state employee under § 36-10-9 shall be eligible to combine the accrued benefit under § 36-10-10 as a state employee with the accrued benefit under this section, provided the member has first obtained eligibility under §§ 36-10-9.2(a), (b)(1), or (b)(2). The accrual under § 36-10-10 will be added in the year in which service was rendered consistent with the schedules provided under § 36-10-10.
(c) The provisions of subsection (b) shall also apply to members who have retired on a service retirement allowance on or after July 1, 2012. Any such request for adjustment shall be in writing to the retirement board and will only apply prospectively from the date the request is received by the retirement board.
(d) In no case shall a retirement percentage allowance exceed the greater of the member's retirement percentage allowance on June 30, 2012, or seventy-five percent (75%). Any member who has in excess of thirty-five (35) years on or before July 1, 1987, shall not be entitled to any refund. Any member with thirty-five (35) years or more on or after July 1, 1987, shall contribute from July 1, 1987, until his or her retirement, provided, however, that any member with thirty-eight (38) years of service prior to July 1, 1987, shall not be required to contribute.
History of Section. (P.L. 1984, ch. 12, § 2; P.L. 1987, ch. 587, § 1; P.L. 2011, ch. 408, § 7; P.L. 2011, ch. 409, § 7; P.L. 2015, ch. 141, art. 21, § 6; P.L. 2019, ch. 171, § 2; P.L. 2019, ch. 233, § 2.)
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