This bill amends the existing laws regarding retirement for members of the police force and firefighters in Rhode Island. It changes the definition of "final compensation" for retirement benefits from the average of the highest five consecutive years of compensation to the average of the highest three consecutive years, effective July 1, 2025. Additionally, it introduces a new retirement eligibility criterion allowing members to retire at the age of fifty-seven, provided they have completed at least twenty years of total service.

The bill also includes new definitions related to employees and final compensation, ensuring clarity in the retirement process. It specifies that the final compensation cannot be less than what it was on or before June 30, 2025. Overall, the bill aims to streamline retirement benefits and eligibility for public safety employees in Rhode Island.