The bill amends Section 45-21.2-5 of the General Laws concerning optional retirement for members of police forces and firefighters. It introduces new provisions that allow members who have completed twenty (20) years of service and have attained age fifty-seven (57) to elect to retire without a reduction in their retirement allowance, effective July 1, 2025. The bill clarifies that retirement eligibility for members who were on the rolls as of June 30, 2012, can be determined based on the rules in effect on that date, ensuring that their accrued benefits are protected. It outlines various retirement options for members eligible to retire on or before June 30, 2012, and those eligible on or after that date, detailing specific age and service requirements for retirement. Additionally, it specifies that for any service after July 1, 2012, final compensation will be defined according to existing law, and no benefit adjustments will be made except as outlined in another section. Overall, the bill aims to provide more flexible retirement options for police and firefighter members while ensuring the protection of their benefits.

Statutes affected:
5471: 45-21.2-5