The bill amends Section 16-16-40 of the General Laws to provide retirement benefit adjustments for teachers and their beneficiaries. It specifies that teachers who have been retired for more than three full calendar years will not have their retirement benefit adjustments reduced based on the funded ratio of the employees' retirement system of Rhode Island.

Additionally, the bill amends Section 36-10-35 to include similar provisions for state employees, ensuring that those who have been retired for more than three full calendar years are also exempt from reductions in their retirement benefit adjustments based on the funded ratio.

The bill does not include specific cost of living adjustments (COLAs) or other benefit enhancements tied to retirement dates, as these provisions are not part of the new language introduced by the bill. The act will take effect upon passage.

Statutes affected:
5525: 16-16-40, 36-10-35