Bill > H5230

This bill modifies retirement rules for police officers and firefighters in Rhode Island by adding a new provision that allows members who have reached age fifty-seven (57) and have completed at least twenty (20) years of service to retire without any reduction in their retirement allowance, effective July 1, 2025. Currently, members who retire before reaching certain age and service milestones face actuarial reductions to their retirement benefits, which can result in a lower monthly pension. The bill provides an additional flexibility for public safety workers nearing retirement, enabling them to potentially retire earlier without suffering financial penalties. By specifically targeting police and firefighters who have dedicated two decades of service and reached fifty-seven years of age, the legislation recognizes the demanding nature of these public safety professions and offers them more favorable retirement options. The change will be incorporated into the existing retirement system outlined in Rhode Island's General Laws, specifically in Section 45-21.2-5, which governs retirement allowances for municipal employees in public safety roles. The act will take effect immediately upon its passage.

Housing and Urban Affairs

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