Rhode Island 2023 Regular Session

Rhode Island House Bill H6117

Introduced
3/3/23  

Caption

Retirement System -- Contributions And Benefits

Impact

The bill aims to enhance the financial support for state retirees by not only instituting these one-time stipends but also adjusting the computation of retirement benefits and cost of living adjustments. This would potentially provide a greater cushion for retirees, especially those who have been receiving retirement benefits for an extended period. However, it is contingent on the financial health of the state's retirement system, with adjustments only made if the funded ratio exceeds 80%, ensuring that the fund's stability is not compromised.

Summary

House Bill H6117 proposes amendments to the state retirement system, specifically addressing contributions and benefits for public officers and employees. Notably, it introduces provisions for a one-time stipend of $500 for retired members and beneficiaries who retired on or before January 1, 2023, to be paid within 60 days of the bill's enactment, with an additional $500 stipend to be given one year later. The intent is to support retirees in managing their financial needs amidst inflation and rising costs of living.

Contention

Discussion around H6117 may focus on the financial implications of these changes, particularly concerning the state's budget. Critics may argue that while additional stipends are beneficial, they could strain the retirement system if not properly funded, especially in the long run. Advocates, however, emphasize the necessity of providing retired public servants with adequate financial support that reflects their service, advocating that this measure is essential in addressing the challenges that retirees face in an ever-evolving economic landscape.

Companion Bills

No companion bills found.

Previously Filed As

RI H6118

Retirement System -- Contributions And Benefits

RI H7646

Retirement System -- Contributions And Benefits

RI S0519

Retirement System -- Contributions And Benefits

RI H7497

Retirement System Contributions And Benefits

RI S2846

Retirement System Contributions And Benefits

RI H6207

Retirement System - Contributions And Benefits

RI H5523

Retirement System Contributions And Benefits

RI S2848

Retirement System -- Contributions Benefits

RI H5404

Contributions And Benefits

RI H5038

Contributions And Benefits

Similar Bills

RI H7342

Provides all retired teachers and all retired state employees a one-time stipend in the amount of three percent (3%) of the lesser of either the member's retirement allowance or forty thousand dollars ($40,000) of the member's retirement allowance.

RI S2851

Provides all retired teachers and all retired state employees a one-time stipend in the amount of three percent (3%) of the lesser of either the member's retirement allowance or forty thousand dollars ($40,000) of the member's retirement allowance.

RI H5525

Exempts teachers and state employees who have been retired for more than three (3) full calendar years, from having their retirement benefit adjustment reduced based upon the funded ratio of the employees' retirement system of Rhode Island.

RI H6006

Teachers' Retirement

RI S0854

Teachers' Retirement

RI H5316

Teachers' Retirement

RI S0215

Teachers' Retirement

RI H6295

Teachers' Retirement