The bill amends Chapter 42-28 of the General Laws concerning the Rhode Island State Police, specifically addressing the retirement benefits for members based on their hire date and years of service. It introduces new provisions that allow superintendents with at least ten years of service and aged sixty or older to resign and receive a retirement allowance equal to fifty percent of their salary at resignation.

For members hired prior to July 1, 2007, those with at least twenty years of service may retire with a retirement allowance of fifty percent of their whole salary, with an additional three percent for each year served beyond twenty years, capped at sixty-five percent. Members hired after July 1, 2007, may retire after twenty-five years under similar conditions, with a maximum service limit of thirty years.

The bill also outlines adjustments to retirement benefits, including a recalculation of retirement allowances for members who retired on or after July 1, 2024, and prior to July 1, 2026, to reflect the new benefit structure. This recalculation will be retroactive to their date of retirement and will ensure that their retirement allowance is not less than what was calculated at the time of their retirement.

Additionally, the retirement allowance will be calculated based on the average of the member's highest three consecutive years of compensation. The provisions aim to clarify and modernize the retirement benefits for state police members while ensuring the financial sustainability of the retirement system. This act would take effect upon passage.

Statutes affected:
3152: 42-28-22