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RI S0459
RI S0459Amend a provision in the general laws relative to additional benefits payable to retired judges and their surviving spouses.
summary
Introduced
02/26/2025
02/26/2025
In Committee
02/26/2025
02/26/2025
Crossed Over
Passed
Dead
06/20/2025
06/20/2025
Introduced Session
2025 Regular Session
Bill Summary
This act would amend a provision in the general laws relative to additional benefits payable to retired judges and their surviving spouses to add judges of the Rhode Island workers’ compensation court to the current list of judicial officers in the supreme, superior, family and district courts, who will receive a cost-of-living allowance when the funded ratio of the employees' retirement system, the judicial retirement benefits trust, and the state police retirement benefits trust reaches seventy-five percent (75%). This act would take effect upon passage.
AI Summary
This bill amends a provision in Rhode Island state law to expand cost-of-living allowances (COLAs) for retired judges of the Workers' Compensation Court, specifically modifying the funding threshold required to reinstate benefit adjustments. Currently, benefit adjustments for retired judges are suspended unless the combined funded ratio of three retirement systems (employees' retirement system, judicial retirement benefits trust, and state police retirement benefits trust) exceeds 80%. The bill changes this threshold to 75% effective July 1, 2024, which would make it easier for judges to receive annual cost-of-living increases. The bill includes complex calculations for determining these adjustments, which vary based on investment returns and the Consumer Price Index (CPI-U). The changes apply to both current and future retirees, with different rules depending on their retirement date. The amendment aims to provide more predictable and potentially more frequent retirement benefit increases for judges of the Workers' Compensation Court, aligning their benefits more closely with other judicial officers in Rhode Island's court system. The bill will take effect immediately upon its passage.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced, referred to Senate Finance (on 02/26/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://status.rilegislature.gov/ |
| BillText | https://webserver.rilegislature.gov/BillText25/SenateText25/S0459.pdf |
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