§8-22-28. Period in which payments limited to income from fund; reduced payments where fund insufficient.

Until the expiration of three years from the time of the creation of any such fund, unless otherwise authorized by ordinance of the municipality, no payment shall be made to any member or beneficiary except from the income arising from said fund; and if at any time prior to July 1, 1981, there shall not be sufficient money to the credit of said pension and relief fund to pay each member and beneficiary entitled to the benefits thereof the full amount per month, as herein provided, then an equal percentage of such monthly payments shall be made to each member and beneficiary thereof, until the earlier of: (a) July 1, 1983, and (b) such time when said fund is so replenished as to warrant payment in full to each of such members and beneficiaries.

Bill History For §8-22-28

1981 Regular Session
House Bill 1679
1969 Regular Session
Senate Bill 2