The bill amends Section 16-16-12 of the General Laws, which governs the retirement procedures for teachers, by introducing new retirement eligibility criteria and adjusting the retirement age based on service credit. For members eligible to retire before October 1, 2009, or as of September 30, 2009, the retirement age is set at 60 with at least 10 years of contributory service or 28 years of total service. For those becoming eligible between October 1, 2009, and July 1, 2012, the retirement age is 62 with at least 10 years of contributory service. The bill also sets conditions for retirement for members with less than 10 years of contributory service by July 1, 2005, and allows teachers with at least five years of service to retire at their Social Security retirement age, effective July 1, 2012. Additionally, starting July 1, 2015, teachers with 20 or more years of service can elect to retire early with a reduced allowance.

The bill includes an insertion that, effective July 1, 2024, allows teachers in active service to retire upon reaching age 60 with at least 30 years of total service or upon reaching their retirement eligibility date under existing subsections. It also specifies conditions for purchasing service credits, limiting purchases for certain types of employment and capping the purchase at five years, with exceptions for purchases made before January 1, 1995. Members must disclose if they are vested in another retirement system or receiving a pension, and there are consequences for failing to cooperate with the retirement board or making false statements. The bill also addresses retirement for municipal employees, setting similar conditions for retirement and service credit purchases, and includes provisions for vesting and treatment of faculty employees at public institutions of higher education. The act would take effect upon passage.

Statutes affected:
7343: 16-16-12, 36-10-9, 45-21-16