§ 24-11-422. Benefits — Voluntary retirement

(a)

1. (1)

   1. (A) Any member of a police department who has performed faithful service for a period of at least twenty (20) years shall be eligible for voluntary retirement.

   2. (B) Upon written application by the member, the member shall be entitled to receive from the fund a monthly pension equal to one-half (½) the actual salary based upon his or her highest salary year during his or her time of service.

2. (2)

   1. (A)

      1. (i) The term “salary” means regular salary only and does not include, except as otherwise provided in subdivision (a)(2)(A)(ii) of this section, overtime pay, payments for unused accrued sick or annual leave, or the cash value of any nonrecurring or unusual remuneration.

      2. (ii)

         1. (a) The term “salary” may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer’s date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound.

         2. (b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

   2. (B) The overtime exclusion shall not apply to a benefit computed at any time on a salary year prior to June 28, 1985.

(b)

1. (1)

   1. (A) Any police officer who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years.

   2. (B) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefit.

2. (2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those police officers who retire on or after January 1, 1987.

3. (3) If a deceased officer receives the benefit provided under this subsection at the time of his or her death, the benefit shall be included in the amount paid to a surviving spouse or surviving child under § 24-11-425(a)(1)(A)(ii).

(c)

1. (1) Any member of a department of a city which is divided by a street state line from an incorporated city or town in an adjoining state who is eligible for voluntary retirement and who shall continue to work for the department may receive the sum of twenty dollars ($20.00) per month upon retirement in addition to his or her regular monthly retirement pay for each continuous year that he or she shall work over and above his or her twenty (20) years.

2. (2) In no instance shall he or she receive more than three hundred dollars ($300) per month in addition to his or her regular retirement pay.