This section gives certain uniformed officers a nonforfeitable right to an annual retirement benefit once they meet the service and age conditions, with different formulas for officers who first started before or on/after March 28, 1990.
(a) Except as provided in Section 45-49A-63.66, a member who first became a uniformed officer prior to March 28, 1990, and who terminates his or her employment as a uniformed officer on or after he or she has 20 years of service, the last 10 years of service being without a break in service exceeding one year, shall have a nonforfeitable right to receive an annual benefit beginning on the first day following the later of his or her termination of employment as a uniformed officer or his or her 50th birthday. His or her annual benefit shall be equal to two and one-half percent of his or her final average salary multiplied by his or her years of service, but shall not be less than 50 percent, nor more than 75 percent, of his or her final average salary. (b) Except as provided in Section 45-49A-63.66, a member who first became a uniformed officer on or after March 28, 1990, and who terminates his or her employment as a uniformed officer on or after he or she has 20 years of service, the last 10 years of service being without a break in service exceeding one year, shall have a nonforfeitable right to receive an annual benefit beginning on the first day following the later of his or her termination of employment as a uniformed officer or his or her 55th birthday. His or her annual benefit shall be equal to the sum of (i) two and one-half percent of his or her final average salary multiplied by his or her years of service not in excess of 20 years, plus (ii) two and one-fourth percent of his or her final average salary multiplied by his or her years of service in excess of 20 years, but not less than 50 percent, nor more than 72 1/2 percent, of his or her final average salary. (c) For purposes of this section, a uniformed officer who has a break in service exceeding one year shall be deemed to first become a uniformed officer on his or her first day of service after his or her last break in service.