2021 -- H 5026

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LC000155

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2021

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A N   A C T

RELATING TO PUBLIC OFFICERS AND EMPLOYEES -- RETIREMENT SYSTEM --

MEMBERSHIP AND SERVICE CREDITS

     

     Introduced By: Representative Joseph M. McNamara

     Date Introduced: January 15, 2021

     Referred To: House Health, Education & Welfare

     It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 36-9 of the General Laws entitled "Retirement System - Membership

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and Service Credits" is hereby amended by adding thereto the following section:

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     36-9-49. Early retirement incentive.

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     (a) Teachers who are at the top step of the maximum salary that they can receive, shall be

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eligible to elect early retirement if:

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     (1) They have at least eight (8) years, but not less than two (2) years, remaining until normal

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retirement;

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     (2) They continue to work for fifty (50%) percent of the time remaining until normal

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retirement; and

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     (3) The district or municipality increases the pension contributions by an amount, to be

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determined by the general treasurer, to offset the reduction in salary as a result of the years lost to

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early retirement.

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     (b) The general treasurer shall promulgate rules and regulations to implement the

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provisions of this section.

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     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 PUBLIC OFFICERS AND EMPLOYEES -- RETIREMENT SYSTEM --

MEMBERSHIP AND SERVICE CREDITS

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     This act would allow teachers, who are at the top step maximum salary, to retire early.

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Their pension benefits would be increased by an amount, to be determined by the general treasurer,

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to offset the lost salary due to early retirement.

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     This act would take effect upon passage.

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