2022 -- H 7291

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LC003371

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2022

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A N   A C T

RELATING TO TOWNS AND CITIES -- RETIREMENT OF MUNICIPAL EMPLOYEES

     Introduced By: Representative James N. McLaughlin

     Date Introduced: February 02, 2022

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 45-21 of the General Laws entitled "Retirement of Municipal

Employees" is hereby amended by adding thereto the following section:

     45-21-67.1. Gradual increase of pension benefits for Central Falls retirees.

     Notwithstanding the provisions of § 45-21-67:

     (1) Effective September 1, 2022, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive eighty percent (80%) of their

base pension benefit (as such term is defined in § 45-21-67(a)), after taking into account all

applicable cost-of-living adjustments for their lifetime, and to the extent applicable, after taking

into account all applicable cost-of-living adjustments to their beneficiaries for their lifetime;

     (2) Effective September 1, 2023, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive eighty-five percent (85%) of

their base pension benefit (as such term is defined in § 45-21-67(a)), after taking into account all

applicable cost-of-living adjustments for their lifetime, and to the extent applicable, after taking

into account all applicable cost-of-living adjustments to their beneficiaries for their lifetime;

     (3) Effective September 1, 2024, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive ninety percent (90%) of their

base pension benefit (as such term is defined in § 45-21-67(a)), after taking into account all

applicable cost-of-living adjustments for their lifetime, and to the extent applicable, after taking

into account all applicable cost-of-living adjustments to their beneficiaries for their lifetime;

     (4) Effective September 1, 2025, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive ninety-five percent (95%) of

their base pension benefit (as such term is defined in § 45-21-67(a)), after taking into account all

applicable cost-of-living adjustments for their lifetime, and to the extent applicable, after taking

into account all applicable cost-of-living adjustments to their beneficiaries for their lifetime; and

     (5) Effective September 1, 2026, and continuing each year thereafter, each Central Falls

retiree covered by the terms of the settlement agreement enacted pursuant to § 45-21-67 shall

receive one hundred percent (100%) of their base pension benefit (as such term is defined in § 45-

21-67(a)), after taking into account all applicable cost-of-living adjustments for their lifetime, and

to the extent applicable, after taking into account all applicable cost-of-living adjustments to their

beneficiaries for their lifetime.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TOWNS AND CITIES -- RETIREMENT OF MUNICIPAL EMPLOYEES

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     This act would provide that all Central Falls retirees covered by the Central Falls retirees'

settlement agreement would have their pension benefits gradually increased during a five (5) year

period commencing on September 1, 2022, from the current base of seventy-five percent (75%) to

one hundred percent (100%) of their base pension benefit amount as of July 31, 2011, after taking

into account all applicable cost-of-living adjustments for their lifetimes, and to the extent

applicable, for the lives of their beneficiaries.

     This act would take effect upon passage.

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