§ 45-21.2-14 - Contributions.
SECTION 45-21.2-14
§ 45-21.2-14 Contributions. – (a) Each member shall contribute an amount equal to seven percent (7%) of thesalary or compensation earned or accruing to the member. Special compensationor additional fees shall not be considered as compensation for contributionpurposes.
(b) Deductions are made in accordance with § 45-21-14and credited in accordance with § 45-21-43.
(c) Each municipality shall make contributions to the systemto provide the remainder of the obligation for retirement allowances,annuities, and other benefits provided in this section, after applying theaccumulated contribution of members, interest income on investments, and otheraccrued income. The contribution shall be compiled in accordance with§§ 45-21-42 – 45-21-44, except that contributions for the firstfive (5) years of the system shall likewise be determined by the board.
(d) Provided, that members of the South Kingstown policedepartment, beginning July 1, 1985, contribute an amount equal to eight percent(8%) of salary or compensation or additional fees are not considered ascompensation for retirement purposes.
(e) Provided, further, that members of the City of Cranstonfire department hired after July 1, 1995, beginning July 1, 1995, contribute anamount equal to ten percent (10%) of their weekly salary; and those members ofthe City of Cranston fire department with five (5) years or less of serviceeffective July 1, 1995, have the option to either remain in the City ofCranston pension plan to which they belonged prior to the adoption of localordinance by the Cranston city council as stated in § 45-21.2-22 orcontribute to the State of Rhode Island optional twenty (20) year retirement onservice allowance an amount equal to ten percent (10%) of their weekly salarycommencing July 1, 1995. The City of Cranston may request and the retirementboard may authorize additional members of the City of Cranston fire departmenthired after July 1, 1987, the option to either remain in the City of Cranstonpension plan to which they belonged prior to the adoption of local ordinance bythe Cranston city council as stated in § 45-21.2-22 or contribute to theState of Rhode Island optional twenty (20) year retirement on service allowancean amount equal to ten percent (10%) of their weekly salary beginning on a datespecified by the retirement board.
(f) Further, provided, that members of the City of Cranstonpolice department hired after July 1, 1995, beginning July 1, 1995, contributean amount equal to ten percent (10%) of their weekly salary; and those membersof the City of Cranston police department with five (5) years or less ofservice effective July 1, 1995, have the option to either remain in the City ofCranston pension plan to which they belonged prior to the adoption of localordinance by the Cranston city council as stated in § 45-21.2-22 orcontribute to the State of Rhode Island optional twenty (20) year retirement onservice allowance an amount equal to ten percent (10%) of their weekly salarycommencing July 1, 1995. The City of Cranston may request and the retirementboard may authorize additional members of the City of Cranston policedepartment hired after July 1, 1987, the option to either remain in the City ofCranston pension plan to which they belonged prior to the adoption of localordinance by the Cranston city council as stated in § 45-21.2-22 orcontribute to the State of Rhode Island optional twenty (20) year retirement onservice allowance an amount equal to ten percent (10%) of their weekly salarybeginning on a date specified by the retirement board.