2021 -- H 6102

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LC002309

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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 TOWNS AND CITIES -- CENTRAL FALLS RETIREE PENSION BENEFITS

     Introduced By: Representatives McLaughlin, Fellela, Casey, and Morales

     Date Introduced: March 03, 2021

     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, 2021, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive seventy-five and one-half

percent (75.5%) 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, 2022, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive seventy-six percent (76%) 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, 2023, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive seventy-six and one-half percent

(76.5%) 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, 2024, each Central Falls retiree covered by the terms of the

settlement agreement enacted pursuant to § 45-21-67 shall receive seventy-seven percent (77%) 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, 2025, 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 seventy-seven and one-half percent (77.5%) 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 -- CENTRAL FALLS RETIREE PENSION BENEFITS

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     This act would provide that, effective September 1, 2021, 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 from the current base of seventy-five percent (75%) to

seventy-seven and one-half percent (77.5%) 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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