The bill proposes amendments to the General Laws in Chapter 45-21.2, which governs the Optional Retirement for Members of Police Force and Firefighters. It revises the definition of "final compensation" for members retiring on or after July 1, 2024, changing the calculation from the average annual compensation over the highest five consecutive years of service to the highest three consecutive years. Additionally, it ensures that a member's final compensation will not be less than what it was on or before June 30, 2012, effectively inserting a safeguard for members' benefits.

Furthermore, the bill modifies the eligibility criteria for retirement, allowing members to retire with a service retirement allowance at the age of 57 with at least 20 years of service, effective July 1, 2024. This is a new insertion into the law. The bill also includes specific provisions for members of certain departments, such as Woonsocket fire department and South Kingstown police department, among others. It details the process for calculating final compensation, applying for retirement, and the conditions for pension payment escalation. The bill is set to take effect upon passage and aims to protect the accrued benefits of members as of June 30, 2012, as clarified by the Legislative Council.