The bill amends Sections 16-16-12, 36-10-9, and 45-21-16 of the General Laws to revise retirement procedures for teachers, municipal, and state employees. It reduces the current varying percentages for early retirement penalties to a cumulative annual reduction of three percent (3%) and a monthly reduction of twenty-five hundredths percent (.25%). This change applies uniformly across the specified sections for employees retiring before the eligible retirement age. The bill aims to simplify the retirement process and make it more equitable for those nearing retirement. It will take effect upon passage.

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