The bill amends retirement benefits for teachers and state employees, specifically addressing benefit adjustments. It establishes that teachers and state employees who have been retired for more than three (3) full calendar years will be exempt from having their retirement benefit adjustments reduced based on the funded ratio of the employees' retirement system of Rhode Island.

The bill includes provisions for benefit adjustments under two sections:
1. For teachers, it specifies that those who have been retired for more than three (3) full calendar years will receive benefit adjustments, while those who retired on or before June 30, 2012, are excluded from this provision.
2. For state employees, similar language applies, with adjustments for those who have been retired for more than three (3) full calendar years, also excluding those who retired on or before June 30, 2012.

The act is set to take effect upon passage.

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