The bill amends Section 16-16-12 of the General Laws in Chapter 16-16, introducing a new section titled "Procedure for service retirement" for teachers in Rhode Island. It adjusts the retirement age and eligibility criteria for teachers who become eligible to retire between October 1, 2009, and July 1, 2012, using a proportional formula based on service credit as of September 30, 2009. From July 1, 2012, teachers with at least five years of contributory service can retire at their Social Security retirement age, with adjustments based on service credit as of June 30, 2012. The bill also allows for early retirement with a reduced allowance for teachers within five years of retirement age and with at least 20 years of service, effective July 1, 2015. No deletions from the current law are specified.

The bill further specifies that, effective July 1, 2023, teachers can retire at age 60 with at least 30 years of total service or upon reaching their retirement eligibility date under existing subsections. It sets vesting requirements and limits the purchase of service credits to five years, with exceptions for purchases made before January 1, 1995. It also prohibits members from receiving service credit in this retirement system for time that counts towards another retirement system from which they are vested or receiving a pension, excluding Social Security. Members must disclose any such circumstances to the retirement board, and failure to cooperate or providing false information can result in the loss of retirement allowance or entitlement to only a return of contributions without interest. The act would take effect upon passage.

Statutes affected:
5092: 16-16-12, 36-10-9, 45-21-16