Bill > S0249

This bill increases the monthly minimum benefit for spouses, domestic partners, and former spouses of teachers and state employees in Rhode Island by raising the minimum benefit amounts across different salary ranges. For example, for a spouse or domestic partner of a teacher with an annual salary of $17,000 or less, the monthly minimum benefit increases from $825 to $1,025. The bill also grants a one-time full cost-of-living adjustment (COLA) of 2.89% for eligible retirees who retired after July 1, 2012, effective for the plan year 2025. Additionally, the bill modifies the state's personal income tax law to allow retirees to subtract the amount received from public pension benefits administered by the Employees Retirement System of Rhode Island from their federal adjusted gross income. This change aims to provide tax relief for retirees by reducing their taxable income. The modifications to the retirement benefits and tax provisions are part of ongoing efforts to support retired public employees in Rhode Island and provide some financial relief through increased benefits and tax adjustments. The bill takes effect immediately upon passage.

Budget and Finance

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