SECTION 1. Chapter 45-21.2 of the General Laws entitled "Optional Retirement for Members of Police Force and Fire Fighters" is hereby amended by adding thereto the following section:

45-21.2-25. Burrillville police -- Optional twenty (20) year retirement on service allowance. -- Notwithstanding section 45-21.2-22, the town council of the town of Burrillville, may by ordinance adopted, permit the retirement of a member on a service retirement allowance as follows:

(1) Any member of the Burrillville Police Department may retire pursuant to this section upon his or her written application to the board stating at what time he or she desires to retire; provided, that the member, at the specified time for his or her retirement has completed at least twenty (20) years of total service;

(2) Upon retirement from service, pursuant to subdivision (1), a member shall receive a retirement allowance which shall be a life annuity terminable at the death of the annuitant, and shall be equal to three percent (3%) of final compensation multiplied by the years of total service, but not to exceed sixty percent (60%) of final compensation;

(3) Upon the adoption of a service retirement allowance, pursuant to this section, each member shall contribute an amount equal to one and two-tenths percent (1.2%) more than that contribution required under section 45-21.2-14;

(4) This section shall be exempt from the provisions of chapter 13 of this title.

SECTION 2. This act shall take effect upon passage.