The bill amends Section 16-16-12 of the General Laws, focusing on the retirement eligibility criteria for teachers within the employees' retirement system. Key changes include the introduction of a new minimum retirement age of sixty (60) for teachers starting July 1, 2025, who have completed at least thirty (30) years of total service. The bill also stipulates that members with ten (10) years of contributory service as of June 30, 2012, may retire at their eligible retirement date, with benefits calculated based on their service and average compensation as of that date. Additionally, it clarifies that no faculty employee at a public institution of higher education shall be involuntarily retired upon reaching seventy (70) years of age.

The bill includes several insertions and deletions to current law, notably allowing for a reduction in retirement age based on years of service and deleting previous higher age requirements, thus making retirement more accessible for long-serving teachers. It maintains the requirement for a minimum of five (5) years of contributory service for those in active service after July 1, 2012, while ensuring that past service credits can still count towards vesting. Furthermore, the bill outlines the conditions under which service credits can be purchased, limiting purchases to a maximum of five (5) years, and emphasizes the duty of members to disclose participation in other retirement systems. The act would take effect upon passage.