The bill amends Sections 16-16-12 and 36-10-9 of the General Laws to revise the retirement procedures for teachers, introducing new eligibility criteria and adjustments to retirement ages based on years of service. It establishes a new Rule of 93, effective July 1, 2026, which allows teachers in active service to retire earlier than under the current Rule of 95. Under the new criteria, teachers can retire upon reaching the age of at least 62 to 65 with corresponding years of service ranging from 28 to 31 years. Specifically, teachers may retire upon the earlier of: (A) attaining at least age 65 and completing at least 28 years of total service; age 64 and completing at least 29 years of total service; age 63 and completing at least 30 years of total service; or age 62 and completing at least 31 years of total service; or (B) their retirement eligibility date under existing provisions. The bill also maintains the current eligibility for teachers with five years of contributory service who have reached their Social Security retirement age and protects retirement benefits accrued as of June 30, 2012. Additionally, it outlines conditions for purchasing service credits and prohibits the involuntary retirement of faculty employees at public higher education institutions upon reaching age 70. Overall, the bill aims to enhance retirement flexibility for teachers while maintaining the integrity of the retirement system.

Statutes affected:
7459: 16-16-12, 36-10-9