The bill amends Sections 16-16-12, 36-10-9, and 45-21-16 of the General Laws to standardize early retirement penalties for teachers, municipal, and state employees. It reduces the current varying percentages for early retirement penalties to a cumulative annual reduction of 3% and a monthly reduction of 0.25% for each of the first five years preceding retirement.

The bill does not introduce new eligibility criteria or adjustments to retirement ages based on years of service for teachers, nor does it allow teachers to retire upon reaching their Social Security retirement age based on service years. Instead, it focuses solely on the standardization of early retirement penalties across the specified sections.

The act aims to simplify the retirement process for public employees and will take effect upon passage.

Statutes affected:
420: 16-16-12, 36-10-9, 45-21-16