This bill amends various sections of the General Laws related to retirement allowances for teachers, state employees, and municipal employees. It introduces new provisions for calculating retirement benefits, specifically for those retiring after July 1, 2025. The new structure for retirement allowances is tiered based on years of service: 1% for 1-20 years, 1.5% for 21-30 years, 2% for 31-35 years, and 3% for 36-40 years of service.

The bill also includes provisions for recalculating retirement allowances for teachers and employees, ensuring that the calculations reflect the most recent service years. The act is designed to take effect upon passage.

Statutes affected:
5762: 16-16-13, 36-10-10, 45-21-17