This bill amends various sections of the General Laws related to retirement allowances for teachers, state employees, and municipal employees. It introduces new provisions for calculating retirement allowances based on years of service, with specific schedules for different groups of employees. Effective July 1, 2025, the retirement allowance will be calculated as follows: 1% per year for 1-20 years of service, 1.5% per year for 21-30 years, 2% per year for 31-35 years, and 3% per year for 36-40 years of service.

The bill specifically outlines the calculation methods for teachers and employees, ensuring that the retirement allowances are recalibrated according to the new structure. It also clarifies the application of these calculations to employees who are eligible to retire before and after certain dates. The amendments aim to provide a more structured approach to retirement benefits for educators and public employees in the state. This act would take effect upon passage.

Statutes affected:
659: 16-16-13, 36-10-10, 45-21-17