Changes the teacher and state employees' retirement benefit calculations' cutoff date from July 1, 2024, to July 1, 2012, for all retirement members eligible to and who retire on or after the new July 1, 2012, cutoff date.
Changes the teacher and state employees' retirement benefit calculations' cutoff date from July 1, 2024, to July 1, 2012, for all retirement members eligible to and who retire on or after the new July 1, 2012, cutoff date.
Recalculates the retirement allowance related to early retirement and pension benefits for teachers, state employees and municipal employees.
Recalculates the retirement allowance related to early retirement and pension benefits for teachers, state employees and municipal employees.
Exempts teachers and state employees who have been retired for more than three (3) full calendar years, from having their retirement benefit adjustment reduced based upon the funded ratio of the employees' retirement system of Rhode Island.
Allows teachers, state and municipal employees to retire upon the earlier of reaching age sixty (60) with thirty (30) years of service or the employee's retirement eligibility date under present state statutes.
Allows teachers, state and municipal employees to retire upon the earlier of reaching age sixty (60) with thirty (30) years of service or the employee's retirement eligibility date under present state statutes.
Extends the sunset provision allowing retired teachers to substitute teach for up to 180 days from June 20, 2025 until July 1, 2026.
Requires that present and former employees, active and retired members, and beneficiaries receiving any retirement, disability or death allowance receive a $2,000 increase per year.
Reduces the current varying percentages for early retirement penalty for teachers, municipal and state employees to a cumulative annual reduction of 3% and monthly reduction of .25%.