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, starting from January 1, 1968, and increasing by 1.5% each year in January. It also ensures that employees who retired before January 1, 1958, receive an additional benefit of at least $200 per year over their service retirement allowance.

The bill further provides for a cost of living retirement adjustment for state employees retired on or after January 1, 1968, increasing by 3% each year from the third anniversary of retirement through December 31, 1980. It also includes adjustments for state employees with at least ten years of contributory service, disability retirement allowances, and state employees not eligible to retire as of September 30, 2009. Additionally, the bill provides a cost of living retirement adjustment for legislators and their beneficiaries who have been receiving a retirement allowance for three or more years.

Furthermore, the bill offers a one-time stipend of $500 to retired members and beneficiaries who retired on or before January 1, 2023. This stipend would be paid within 60 days of the bill's effective date and again one year later. The bill would take effect upon passage.

Statutes affected:
519: 36-10-35