Bill > S2090

This bill, effective immediately upon passage, amends the retirement allowance for police officers and firefighters by establishing a new calculation for their retirement pay starting July 1, 2026. Under this new provision, all retired members will receive a retirement allowance equal to their "accrued benefit" (the total amount of retirement benefit earned up to a certain point) as of June 30, 2026, plus an additional two and one-half percent (2.5%) of their "final compensation" (typically the average of their highest earnings over a set period) multiplied by their years of service after June 30, 2026. However, members who retire at age fifty-seven with at least thirty years of service will continue to receive their retirement allowance as calculated under previous rules for service up to June 30, 2026, and then be credited at the new 2.5% rate for service after that date.

Budget and Finance

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