The bill amends Sections 16-16-40 and 36-10-35 of the General Laws to eliminate the distinction between teachers who retired on or before June 30, 2012, and those who retired after that date regarding retirement benefit adjustments. It establishes that benefit adjustments under subsection (g)(1)(B) for any plan year shall be reduced to a certain percentage, with the funded ratio of the Employees Retirement System of Rhode Island, the Judicial Retirement Benefits Trust, and the Municipal Teachers' Pensions being deemed sufficiently funded for the benefit adjustment to be reinstated for all teachers and members.

Additionally, the bill mandates that retired teachers covered by municipal pension plans receive the same cost of living benefit adjustment as those covered by the Employees Retirement System of Rhode Island. The term "teacher" is defined as per 16-16-1(12). The bill takes effect upon passage.

Statutes affected:
1000: 16-16-40, 36-10-35