Reinstates the cost of living adjustments for retirees, when the annual investment return of the retirement system, exceeds ten percent (10%).
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.
Effective January 1, 2025, an annual cost-of-living increase, based upon the yearly Consumer Price Index for all Urban Consumers (CPI-U), to the retirement allowance for all state employees and all beneficiaries to be reinstated.
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.
Increases monthly minimum benefit for a spouse, domestic partner, former spouse. Grant a 2.89% COLA for eligible retirees. Provided a modification reducing federal AGI for public pension benefits from the RI employees retirement system.
Increases monthly minimum benefit for a spouse, domestic partner, former spouse. Grant a 2.89% COLA for eligible retirees. Provided a modification reducing federal AGI for public pension benefits from the RI employees retirement system.
Expands the positions that a person in the state retirement system could have at a state college or university post-retirement.
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.
Permits paid members on the state labor relations board to continue to receive their retirement benefits.