The bill amends Section 16-16-8 of the General Laws to allow members who have served as state or municipal employees to receive credit in the retirement system for their service. It enables the transfer of contributions made during their service to the current retirement system and allows for the calculation of the full actuarial value of the accrued benefit. If the actuarial value exceeds the transferred contributions, the difference is also transferred from the former employer's account to the current employer's account. Members can also pay the full actuarial cost to receive credit for service periods where no contributions were made. The bill facilitates the combination of service as teachers and other roles to determine retirement eligibility and calculate a single benefit.

Additionally, the bill amends Sections 36-10-9.2 and 36-10-10.2 to outline retirement allowances for correctional officers, specifying age and service requirements for retirement eligibility and how the retirement allowance is calculated. It allows members who have served as state employees or teachers to combine their accrued benefits from different service types for retirement allowance determination. The retirement percentage allowance is capped at 75% or the member's allowance as of June 30, 2012, and addresses contributions for members with over thirty-five years of service. The bill takes effect upon passage and aims to provide more comprehensive retirement benefits for individuals with diverse public service backgrounds. There are no specific insertions or deletions marked in the text provided.

Statutes affected:
5195: 16-16-8