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. Retroactive payments will not be made. The bill also specifies that the benefit adjustments provided by this bill shall not apply to members and/or beneficiaries of members who retired prior to July 1, 2012.

Statutes affected:
546: 36-10-35