Section 16-16-40.1 - One-time adjustment to original retirement allowance(a) All teachers and the beneficiaries of teachers who retired during the calendar year 1979 shall receive an additional eight percent (8%) to their original retirement allowance.(b) All teachers and the beneficiaries of teachers who retired during calendar year 1978 shall receive an additional two percent (2%) added to the base eight percent (8%) paid to the 1979 retirees. Provided, further that an additional two percent (2%) of the retirement allowance shall be paid for each year to a maximum of twenty percent (20%) to those retirees and beneficiaries who retired in calendar year 1973 and prior to 1973 as indicated in the following schedule: Year of Retirement | Additional Percentage |
1979 | 8% |
1978 | 10% |
1977 | 12% |
1976 | 14% |
1975 | 16% |
1974 | 18% |
1973 | 20% |
Years prior to 1973 | 20% |
(c) The additional percentage shall be incorporated into the recipient's monthly benefit starting with the payment due on or after July 31, 1986.(d) The provisions of §§ 45-13-7 through 45-13-10 shall not apply to this section.R.I. Gen. Laws § 16-16-40.1