The bill amends Sections 16-16-12, 36-10-9, and 45-21-16 of the General Laws to update retirement procedures for teachers and municipal employees. It introduces new eligibility criteria for service retirement, allowing teachers and state and municipal employees with at least twenty-eight (28) years of total service to retire when the sum of their age and years of service equals eighty-five (85), effective July 1, 2026. This provision applies notwithstanding other existing eligibility criteria.

The bill clarifies vesting requirements, stating that teachers must have a minimum of ten years of contributory service or five years for those in active contributory service after July 1, 2012, to qualify for pension benefits. It emphasizes the importance of accurate reporting of service time and credit, imposing penalties for false statements made to the retirement board. Additionally, it outlines a proportional formula for determining retirement age based on service credit as of June 30, 2012, and includes specific actuarial reductions for early retirement. Overall, the bill aims to enhance retirement options for educators and municipal employees while ensuring the integrity of the retirement system.

Statutes affected:
7160: 16-16-12, 36-10-9, 45-21-16