103:14 Retirement Benefits. –
Any permanent policeman who retires or is dismissed from service as provided in RSA 103:12 and who shall have complied with all the provisions hereof and with the rules and regulations of the board shall be entitled to receive from the retirement fund, for each year during the remainder of his life, a sum equal to 1/2 of his annual salary for the 3 highest years preceding his retirement, as determined by the board, but in no event shall this sum be less than $1,200; provided, however, that in the case of a policeman employed by a city having a population of more than 34,000 inhabitants, such sum shall be equal to 1/2 of the assessed part of his average annual salary for the 3 years preceding his retirement; and further provided, that if at the time of his retirement he shall have served as a permanent policeman for a period of less than 25 continuous years, such sum as computed above shall be reduced pro rata in the proportion which the actual number of completed years of continuous service bears to 25. Anything to the contrary notwithstanding, an appropriate adjustment, as determined by the board under rules uniformly applicable to all policemen similarly situated, shall be made in the sum otherwise payable to the policemen if at the time subsequent to July 1, 1953 or subsequent to the date of his accepting these provisions, if later, the rate of assessment upon the assessable part of his annual salary has been less than 5-3/4 percent or if at any time subsequent to July 1, 1961 or the date of such acceptance, if later, the rate of assessment has been less than 6-85/100 percent of his annual salary. Retirement benefits shall be paid in equal monthly installments on the first business day of each calendar month.