The bill amends Sections 16-16-12, 36-10-9, and 45-21-16 of the General Laws to establish a new "Procedure for service retirement" for teachers and other members in active service. It allows teachers to retire upon the earlier of reaching age sixty (60) with thirty (30) years of total service or their retirement eligibility date under existing statutes, effective July 1, 2025. The bill specifies that this eligibility applies to teachers in active service and reiterates similar provisions for other members. It ensures that members with ten or more years of contributory service as of June 30, 2012, have their benefits calculated based on their service and average compensation as of that date. The act takes effect upon passage.

Statutes affected:
450: 16-16-12, 36-10-9, 45-21-16