The bill amends the General Laws regarding the retirement system for teachers, introducing new eligibility criteria for retirement and adjusting the retirement age based on service credit. For members eligible before October 1, 2009, the retirement age is set at 60 with at least 10 years of contributory service or 28 years of total service. Those becoming eligible between October 1, 2009, and July 1, 2012, have a retirement age of 62 with similar service requirements. Effective July 1, 2012, teachers with at least five years of service can retire at their Social Security retirement age, and starting July 1, 2015, teachers with 20 years of service can elect early retirement with a reduced allowance. The bill includes a new provision effective July 1, 2024, allowing retirement at age 60 with 30 years of service or at the eligibility date under existing subsections. It also modifies vesting requirements, limits the purchase of service credits to five years, and prohibits service credit purchases for certain types of employment.

The bill further specifies that members cannot receive service credit in the 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 information to the retirement board, and failure to cooperate or providing false statements can result in the denial of retirement allowance and only a return of their contributions without interest. The bill deletes language that would involuntarily retire faculty employees at age 70 and modifies the retirement eligibility age to 60 with 30 years of service, effective July 1, 2024. It also updates the retirement allowance provisions, including eligibility ages and service requirements, and introduces actuarial reductions for early retirement. The act would take effect upon passage.

Statutes affected:
2308: 16-16-12, 36-10-9, 45-21-16