Bill > H5525

This bill modifies the retirement benefit adjustment rules for teachers and state employees in Rhode Island who have been retired for more than three full calendar years. Specifically, it changes the existing provisions that previously reduced retirement benefit adjustments based on the funded ratio of the state's retirement system. Under the current law, benefit adjustments for retirees can be partially or fully suspended if the retirement system's funded ratio does not meet a certain threshold (originally 80%, later proposed to be changed to 75%). The bill removes this restriction for teachers and state employees who have been retired for more than three full calendar years, effectively ensuring that these long-term retirees will receive their full benefit adjustments regardless of the retirement system's funding status. This change is intended to provide more financial stability and predictability for retired teachers and state employees who have been out of the workforce for a significant period. The bill will take effect immediately upon its passage.

Budget and Finance

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