This bill aims to provide additional benefits to retired teachers and state employees in Rhode Island. It includes provisions for cost of living adjustments for teachers and state employees who retired before certain dates, with adjustments increasing each year through 1980. The bill also establishes a formula for annual benefit adjustments based on investment return and the Consumer Price Index. Additionally, the bill proposes a one-time stipend of 3% of the retirement allowance or $30,000, whichever is less, for retired members and beneficiaries.

The bill also includes provisions for the suspension and reinstatement of benefit adjustments based on the funded ratio of the retirement system. It specifies that a one-time benefit adjustment of 2% of the retirement allowance or the first $25,000 of the retirement allowance shall be provided to teachers and beneficiaries who retired on or before June 30, 2012. The bill aims to provide benefit adjustments to retired teachers and state employees based on certain criteria and funding levels.

Statutes affected:
6295: 16-16-40, 36-10-35