Upon retirement from service pursuant to subdivision (1), (2), or (5) of § 45-21.2-5, a member of the South Kingstown police department receives a retirement allowance which is a life annuity terminable at the death of the annuitant, and is an amount equal to the sum of two and one-half percent (2.5%) of final compensation multiplied by the years of service accrued after July 1, 1993, and until June 30, 2012, and two percent (2%) of final compensation multiplied by the years of service accrued prior to July 1, 1993. For service on and after July 1, 2012, a member’s service retirement allowance shall be determined in accordance with § 45-21.2-6. The annual retirement allowance in no event shall exceed seventy-five percent (75%) of final compensation.
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