The bill amends Section 45-21.2-6 of the General Laws regarding retirement allowances for members of the police force and firefighters. It introduces new provisions that will take effect on July 1, 2025, allowing all members, regardless of age or years of service, to receive a retirement allowance that is a life annuity terminable at death. This allowance will be equal to the member's accrued benefit as of June 30, 2025, plus an additional two and one-half percent (2.5%) of final compensation multiplied by the years of service after that date. Notably, members who retire at age fifty-seven with at least thirty years of service will retain their retirement allowance calculated under the previous provisions for the period from July 1, 2012, to June 30, 2025, before transitioning to the new calculation.

Additionally, the bill maintains existing options for members to elect a reduced retirement allowance with provisions for beneficiaries. It allows members who previously chose an optional benefit other than a life annuity to switch to a life annuity by filing an election with the retirement board by June 30, 2013, provided their beneficiary is still alive. The act is set to take effect upon passage, enhancing the retirement benefits for police officers and firefighters in the state.