The bill amends Section 45-21.2-5 of the General Laws concerning retirement options for members of the police force and firefighters. It introduces new provisions that allow members to retire at age 70 (or 65 for Woonsocket fire department members), with the option to retire at age 55 after at least 10 years of service, or at age 50 with a minimum of 20 years of service, albeit with a reduced allowance. Additionally, specific provisions are made for various police and fire departments, detailing the percentage of final compensation and annual pension escalations. The bill also stipulates that for service on or after July 1, 2012, final compensation and benefit adjustments will be defined according to specific sections of the law, and only police officers hired on or after July 1, 2010, by the town of Johnston can join the Municipal Employees’ Retirement System.

Furthermore, the bill introduces a significant new provision allowing members who are at least 57 years old and have completed 20 years of service to retire without a reduction in their retirement allowance, effective July 1, 2025. It preserves existing retirement options for those eligible under the previous rules before July 1, 2012, ensuring that accrued benefits for members as of June 30, 2012, are protected. The amendments aim to expand retirement options while maintaining the integrity of benefits for long-serving members, and the act is set to take effect upon passage.

Statutes affected:
5230: 45-21.2-5