Bill > H5198

This bill modifies retirement eligibility rules for teachers, state, and municipal employees in Rhode Island, specifically allowing them to retire earlier starting July 1, 2025. Under the new provisions, teachers and employees will be able to retire upon reaching age sixty (60) with at least thirty (30) years of total service, or upon reaching their previously determined retirement eligibility date, whichever comes first. This change applies to teachers and state and municipal employees who are in active service, representing a reduction from the previous retirement age requirements that ranged from age sixty-two (62) to sixty-five (65). The bill amends existing statutes in three separate sections covering teachers' retirement, state employees' retirement, and municipal employees' retirement systems, ensuring consistent application of the new retirement age across these public sector employment categories. The modifications aim to provide more flexibility for public sector employees nearing retirement, potentially making it easier for them to transition out of the workforce. The bill will take effect immediately upon its passage, allowing for prompt implementation of the new retirement guidelines.

Budget and Finance

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