The bill amends Section 36-10-35 of the General Laws regarding retirement system contributions and benefits, specifically focusing on cost of living adjustments (COLAs) for retirees and their beneficiaries. It introduces a new provision that reinstates COLAs when the annual investment return of the retirement system exceeds ten percent (10%). The COLA will be set at three percent (3%) of the original retirement allowance for that investment year.

The act will take effect upon passage.

Statutes affected:
5766: 36-10-35