The bill proposes amendments to Section 45-21.2-5 of the General Laws, which governs the retirement of police force members and firefighters. It introduces new conditions for retirement based on age and years of service, with specific provisions for members of various departments such as South Kingstown, Johnston, Cranston, Hopkinton, and Richmond. The bill allows for retirement at age 70, or 65 for Woonsocket fire department members, and provides options for retirement at age 55 with at least 10 years of service or at age 50 with at least 20 years of service, though with a reduced allowance. It also outlines the calculation of final compensation and benefit adjustments for service on or after July 1, 2012, and specifies eligibility for the Municipal Employees’ Retirement System for Johnston police officers hired on or after July 1, 2010.

Additionally, the bill includes provisions for retirement without actuarial reduction for members with at least 20 years of service, effective July 1, 2024. Members who have reached 25 years of service or are at least 57 years old with 20 years of service can retire without the reduction previously mandated. It also protects the benefits of members as of June 30, 2012, allowing them to retire based on the rules in effect on that date. The act would be effective immediately upon passage, offering these new retirement options to eligible police and firefighter personnel. There are no specific insertions or deletions indicated in the provided summary.

Statutes affected:
3023: 45-21.2-5