The bill amends Section 45-21.2-6 of the General Laws regarding the retirement allowances for members of the police force and firefighters. It introduces a new provision that, starting July 1, 2026, all members, regardless of age or years of service, will receive a retirement allowance that is a life annuity, equal to their accrued benefit as of June 30, 2026, plus an additional two and one-half percent (2.5%) of their final compensation multiplied by their years of service after that date. Notably, members who retire at age fifty-seven with at least thirty years of service will retain their retirement allowance calculated under the previous provisions for the period from July 1, 2012, to June 30, 2026, before transitioning to the new calculation.

The act is set to take effect upon passage.

Statutes affected:
2090: 45-21.2-6