The bill amends Sections 16-16-12, 36-10-9, and 45-21-16 of the General Laws to revise the early retirement penalty for teachers, municipal, and state employees. It establishes a standardized early retirement penalty of a cumulative annual reduction of three percent (3%) and a monthly reduction of twenty-five hundredths percent (.25%). This new penalty structure replaces the current varying percentages that apply based on years of service. The bill takes effect upon passage.

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