§ 45-45-1 - Providence police and fire departments – Retired employees.
SECTION 45-45-1
§ 45-45-1 Providence police and firedepartments – Retired employees. – All retired Group 2 employees of the city of Providence, as defined in §45-21-10, and all beneficiaries of Group 2 employees who have retired or aredeceased shall, on the first day of January of the year following the date ofretirement or death, receive a cost of living retirement adjustment in additionto the retirement allowance, in an amount equal to three percent (3%) of theretirement allowance, not compounded. In each succeeding year thereafter,during the month of January, the retirement allowance shall be increased anadditional three percent (3%) of the retirement allowance, not compounded, tobe continued during the lifetime of that employee or beneficiary.