The bill amends the Central Falls Pension Plan by introducing provisions for the alternative acceptance of optional retirement for police and firefighters. It allows the city of Central Falls to accept the provisions of the pension plan through a resolution or ordinance, contingent upon the assent of labor organizations representing active employees. The bill specifies that members of the Central Falls plan in active service as of July 1, 2026, will be subject to the pension plan provisions set forth in the respective collective bargaining agreements in effect on that date.

Additionally, the bill reduces the contribution rate for active firefighters and police officers from 11.7% to 10% of their salary or compensation, effective July 1, 2026. It establishes that members of the Central Falls plan in active service as of August 31, 2019, will continue to be governed by the terms of the pension plan. The bill clarifies the responsibilities of the retirement board regarding cost evaluations and employer contribution rates for the pension plan. Overall, the act aims to update the pension plan's terms while ensuring compliance with collective bargaining agreements.

Statutes affected:
8506: 45-21.4-2