The bill amends the retirement benefit calculations for state employees and teachers in Rhode Island by changing the cutoff date for retirement eligibility from July 1, 2024, to July 1, 2012. Members who are eligible to retire on or after the new cutoff date will have their average compensation calculated based on the highest three consecutive years of compensation, rather than the previous standard of the highest five consecutive years.

Additionally, the bill introduces definitions related to the retirement system, including "final compensation," which is defined as the average of the highest three consecutive years of compensation for members eligible to retire on or after July 1, 2012. The act will take effect immediately upon passage.

Statutes affected:
7253: 36-8-1, 45-21-2