2025 -- H 5700

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LC001607

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2025

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A N   A C T

RELATING TO TOWNS AND CITIES -- OPTIONAL RETIREMENT FOR MEMBERS OF

POLICE FORCE AND FIREFIGHTERS

     Introduced By: Representative William W. O'Brien

     Date Introduced: February 26, 2025

     Referred To: House Municipal Government & Housing

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 45-21.2-6 of the General Laws in Chapter 45-21.2 entitled "Optional

Retirement for Members of Police Force and Firefighters" is hereby amended to read as follows:

     45-21.2-6. Service retirement allowance.

     (a)(1) Upon retirement from service pursuant to § 45-21.2-5, a member receives a

retirement allowance which is a life annuity terminable at the death of the annuitant and shall be an

amount equal to two percent (2%) of final compensation multiplied by the years of total service,

provided that a member who retires upon the attainment of age of fifty-seven (57) years and has

completed at least thirty (30) years of total service shall receive a retirement allowance which is a

life annuity terminable at the death of the annuitant and shall be an amount equal to the greater of:

(i) Two and one quarter percent (2.25%) of final compensation multiplied by total years of service;

or (ii) The member’s accrued benefit determined as of June 30, 2012, plus two and one quarter

percent (2.25%) of final compensation multiplied by member’s years of service after June 30, 2012;

provided further that the life annuity under this subsection (a) shall not exceed seventy-five percent

(75%) of final compensation.

     (2) Notwithstanding the provisions of subsection (a)(1) of this section, commencing on

July 1, 2025, all members, regardless of age or years of service, shall receive a retirement allowance

which is a life annuity terminable at the death of the annuitant and shall be equal to the member's

accrued benefit determined pursuant to the provisions of subsection (a)(1) of this section as of June

30, 2025, plus two and one-half percent (2.5%) of the final compensation multiplied by the years

of service after June 30, 2025. Provided, however, a member who retires upon attaining the age of

fifty-seven (57) years and has completed at least thirty (30) years of total service, shall retain the

same retirement allowance as calculated pursuant to provisions of subsection (a)(1) of this section

for the period of July 1, 2012 through June 30, 2025 and then be credited for two and one-half

percent (2.5%) per year for services rendered after June 30, 2025.

     (b) Upon retirement, the member may elect to receive the actuarial equivalent of his or her

retirement allowance in a lesser retirement allowance as determined by actuarial calculation, which

is payable throughout life with the provision that:

     (1) Option 1. A reduced retirement allowance payable during the member’s life with the

provisions that after his or her death it shall continue during the life of and be paid to the person

that he or she nominated by written designation duly acknowledged and filed with the retirement

board at the time of retirement; or

     (2) Option 2. A reduced retirement allowance payable during the member’s life with the

provision that after his or her death an allowance equal to one-half (½) of his or her reduced

allowance shall continue during the life of and be paid to the person that he or she nominated by

written designation duly acknowledged and filed with the board at the time of retirement.

     (c) If prior to July 1, 2012, a member elected an optional form of benefit other than a life

annuity in accordance with paragraph (b)(1) or (2) above, the member may elect to change his or

her form of benefit to a life annuity by filing an election with the retirement board on or before

June 30, 2013, provided that the member’s beneficiary is still alive at the time the election is filed.

     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 -- OPTIONAL RETIREMENT FOR MEMBERS OF

POLICE FORCE AND FIREFIGHTERS

***

     This act would allow all retired police officers and firefighters to receive an additional

retirement allowance, equal to the members' accrued benefit, determined pursuant to this section as

of June 30, 2025, plus two and one-half percent (2.5%) of the final compensation amount multiplied

by the years of service after June 30, 2025.

     This act would take effect upon passage.

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