The bill amends the General Laws concerning retirement benefits for teachers and state employees, specifically enhancing benefits for spouses, former spouses, and domestic partners of deceased members. It increases the minimum monthly benefit for these individuals, raising it from $825 to $1,025 for those earning $17,000 or less, with similar increases for higher income brackets: $1,200 for those earning $17,001 to $25,000; $1,375 for those earning $25,001 to $33,000; $1,550 for those earning $33,001 to $40,000; and $1,725 for those earning $40,001 and over.

The bill also provides a one-time cost-of-living adjustment (COLA) of 2.89% for eligible retirees who retired after July 1, 2012, to be implemented in plan year 2025. Additionally, it includes provisions for a yearly adjustment of the base benefit and a yearly COLA for certain retirees.

Furthermore, the bill modifies the Rhode Island tax code to allow a reduction in federal adjusted gross income for the amount received from public pension benefits administered by the Employees Retirement System of Rhode Island. This act will take effect upon passage.

Statutes affected:
249: 36-10-35, 44-30-12, 45-21-52