The bill amends various sections of the General Laws concerning retirement benefits for teachers and state employees. It introduces new provisions that enhance benefits for spouses, former spouses, and domestic partners of deceased members, with increased monthly minimum benefits set at $1,025 for those earning $17,000 or less, and up to $1,725 for those earning over $40,000. Additionally, it establishes a one-time full cost-of-living adjustment (COLA) of three and thirty-four one hundredths percent (3.34%) for eligible retirees who retired after July 1, 2012.

The bill also modifies the Rhode Island tax code to allow for a reduction in federal adjusted gross income for the amount received from public pension benefits administered by the Employees Retirement System of Rhode Island.

Furthermore, it provides for a yearly adjustment of the base benefit and a yearly cost-of-living adjustment for retirees. The bill specifies that for plan year 2026, eligible retirees who retired after July 1, 2012, shall receive the aforementioned one-time full COLA.

Overall, the amendments aim to improve financial support for retirees while ensuring the sustainability of the retirement systems.

Statutes affected:
2362: 36-10-35, 44-30-12, 45-21-52