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Bill > H5472


RI H5472

RI H5472
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.


summary

Introduced
02/12/2025
In Committee
02/12/2025
Crossed Over
Passed
Dead
06/20/2025

Introduced Session

2025 Regular Session

Bill Summary

This act would increase the monthly minimum benefit for a spouse, domestic partner or former spouse and grant, to eligible retirees who retired after July 1, 2012, and provide a one-time full COLA of two and eighty-nine one hundredths percent (2.89%). This act would further provide a modification reducing federal adjusted gross income for the amount received of public pension benefits administered by the Employees Retirement System of Rhode Island. This act would take effect upon passage.

AI Summary

This bill makes several key changes to retirement benefits and tax regulations in Rhode Island. It increases the monthly minimum benefit for spouses, domestic partners, and former spouses of teachers and state employees by raising the benefit amounts across different salary ranges. The bill provides a one-time full cost-of-living adjustment (COLA) of 2.89% for eligible retirees who retired after July 1, 2012, across various retirement systems including teachers, state employees, and municipal employees. Additionally, the bill modifies the state income tax code to allow individuals to subtract the amount received from public pension benefits administered by the Employees Retirement System of Rhode Island from their federal adjusted gross income when calculating state taxes. The changes are designed to provide financial relief and adjustments to retirees and beneficiaries, with the modifications taking effect immediately upon the bill's passage. The bill also continues to tie benefit adjustments to the funded ratio of retirement systems, with recent adjustments to lower the funding threshold from 80% to 75% for reinstating full benefit adjustments.

Committee Categories

Budget and Finance

Sponsors (10)

Last Action

Committee recommended measure be held for further study (on 04/22/2025)

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