Bill > S0428

This bill amends the pension and retirement provisions for Rhode Island state police members, primarily extending service and retirement eligibility for specific cohorts of officers. The bill modifies retirement calculations, benefit adjustments, and service credit rules for state police members hired before and after July 1, 2007. Key changes include allowing certain officers hired in 1997, 2000, and 2005 to serve beyond their traditional 25-year retirement point, with specific retirement dates extended to September 1, 2026, July 1, 2028, and December 21, 2030, respectively. The bill also updates cost-of-living adjustment mechanisms, adjusting how retirement allowances are calculated and increased over time. These adjustments are designed to provide more flexibility for long-serving state police officers while also managing the financial sustainability of the state police retirement system. The changes apply to both current and former state police members, with provisions to ensure that no member receives less in retirement benefits than they would have as of June 30, 2012, and includes provisions for ongoing retirement contribution and benefit calculation methodologies.

Budget and Finance

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