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 introduces a requirement that retired teachers covered by municipal pension plans receive the same cost of living adjustment (COLA) as teachers covered by the Employees Retirement System of Rhode Island.

Specifically, the bill states that benefit adjustments under subsection (g)(1)(B) for any plan year shall be reduced, and effective July 1, 2025, the funded ratio of the employees retirement system of Rhode Island must be deemed sufficiently funded for the benefit adjustment to be reinstated for all teachers.

Additionally, the bill establishes a new chapter addressing municipal teachers' pensions, which includes provisions for cost of living benefit adjustments for retired teachers under municipal pension plans. 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