This bill amends Section 36-10-35 of the General Laws to provide additional benefits to retired state employees and beneficiaries. It adds a provision for a cost of living retirement adjustment of 1.5% per year of the original retirement allowance, not compounded, for each calendar year the retirement allowance has been in effect. This adjustment is added to the retirement allowance as of January 1, 1968, and an additional 1.5% is added each year in January.

The bill also adds a provision for a cost of living retirement adjustment of 3% of the original retirement allowance for state employees and beneficiaries retired on or after January 1, 1968. This adjustment is added on the first day of January following the third anniversary of retirement, and an additional 3% is added each year through December 31, 1980. The bill also includes provisions for cost of living adjustments for state employees and beneficiaries who have completed at least ten years of contributory service by July 1, 2005, and for those who receive a disability retirement allowance. Additionally, the bill provides a 4% annual increase on the base salary for retired teachers who have never received a cost of living adjustment, for a period of ten years. Once a retired teacher has received a cost of living adjustment for a total of ten years, the annual increase is reduced to 3% until death. The bill also increases the retirement allowance to $60,000.

Statutes affected:
6118: 36-10-35