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 governed by 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 the pension plan will be closed to new members effective August 31, 2019, and outlines that current members will be subject to the retirement ages and benefits as defined in the collective bargaining agreements. The bill also clarifies the responsibilities of the retirement board regarding the evaluation of prospective membership and the computation of employer contribution rates for the closed pension plan. Overall, the act aims to amend the pension plan in accordance with the collective bargaining agreements while adjusting contribution rates for active members.

Statutes affected:
3252: 45-21.4-2