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 a yearly COLA of three percent (3%) of the original retirement allowance for retirees and beneficiaries if the annual investment return of the retirement system exceeds ten percent (10%).

The bill does not include any provisions for one-time stipends or adjustments based on the length of service or specific retirement dates, nor does it establish a framework for calculating future COLAs based on the Consumer Price Index. The primary aim of the bill is to ensure that retirees receive a COLA that reflects the performance of the retirement system's investments.

This act would take effect upon passage.

Statutes affected:
5766: 36-10-35