This bill amends Section 36-10-35 of the General Laws to provide additional benefits to retired state employees and beneficiaries. It establishes a cost of living retirement adjustment for those who retired on or before December 31, 1967, and for those who retired on or after January 1, 1968. The adjustment will be based on a percentage of the original retirement allowance and will be added to the retirement allowance each year in January. The bill also includes provisions for the cost of living adjustment for state employees and beneficiaries who have completed at least ten years of contributory service on or before July 1, 2005, and for those who receive a disability retirement allowance.

Additionally, the bill aims to restore the cost of living allowance (COLA) to state employees and their beneficiaries who retired prior to July 1, 2012. It specifies the calculation and adjustment of the COLA based on the average investment return and the Consumer Price Index. The bill also establishes conditions for the suspension and reinstatement of the COLA based on the funded ratio of the retirement system. The bill includes a provision for a one-time stipend of $500 for retired members or beneficiaries.

Statutes affected:
5038: 36-10-35