It is enacted by the General Assembly as follows:

SECTION 1. The Town of Smithfield shall be allowed to accept Plan C of Section of 45-21-52(a)(3) for all employees of the Town of Smithfield who either, pursuant to contract negotiations, bargain for Plan C, or who are nonunion employees who are provided with Plan C and who shall all collectively be referred to as the "Municipal-COLA Group" and shall be separate from all other employees of the Town, union or nonunion, who are in the same pension group but not subject to Plan C benefits. Upon acceptance, benefits shall be available to all such employees who retire on or after July 1, 2000.

SECTION 2. This act shall take effect upon passage.