The bill amends Section 45-21.2-5 of the General Laws in Chapter 45-21.2, which governs optional retirement for members of the police force and firefighters. It introduces new legal language that specifies the conditions under which these members may retire and receive a service retirement allowance, taking into account factors such as age, years of service, and final compensation calculations. Key changes include allowing retirement at age 70 (or 65 for Woonsocket fire department members), the option to retire at age 55 with at least 10 years of service, and the ability to retire at age 50 with a minimum of 20 years of service, albeit with a reduced allowance. The bill also details specific provisions for various police and fire departments, including the percentage of final compensation and annual pension payment escalations, while establishing that 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 change by allowing members with 20 or more years of service to retire without actuarial reduction at age 57, effective July 1, 2025. This contrasts with previous rules that mandated older retirement ages or reductions based on age. The bill retains existing retirement options for those who have not yet reached the new age threshold but have the required years of service, and it protects the rights of members eligible to retire under the prior rules effective before July 1, 2012. Overall, the legislation aims to enhance retirement flexibility for long-serving police and fire service members while safeguarding their accrued benefits.