This bill makes changes to the cost of living adjustments for retired teachers, state employees, and legislators in Rhode Island. It specifies the percentage of the original retirement allowance that will be provided as a cost of living adjustment and outlines the eligibility criteria for these adjustments. The bill also includes provisions for the suspension and reinstatement of benefit adjustments based on the funded ratio of the retirement system. Additionally, the bill allows local legislative bodies to extend automatic adjustment increases in retirement allowances to municipal employees.

This bill proposes changes to the cost of living adjustments for retired teachers, state employees, and legislators in Rhode Island. It specifies the calculation and timing of these adjustments and includes provisions for the suspension and reinstatement of benefit adjustments based on the funded ratio of the retirement system. The bill also allows local legislative bodies to extend automatic adjustment increases in retirement allowances to municipal employees.

Statutes affected:
5240: 16-16-40, 36-10-35, 45-21-52