Rhode Island Senate Bill S2860

Rhode Island 2022 Regular Session

• Introduced: 4/5/22
• Refer: 4/5/22

Caption

Courts -- Justices Of Supreme, Superior, And Family Courts

Impact

The bill proposes that justices who retired after January 1, 1970, would receive a cost-of-living adjustment, ensuring their retirement benefits keep pace with inflation to a certain extent. A significant point within the bill is the provision that any retired justice who retired prior to September 30, 2009, would have their adjustments limited to a maximum of thirty-five thousand dollars, which would be subject to annual indexing based on the Consumer Price Index. This ensures that the lower retirement allowances are gradually increased due to inflation but potentially caps their growth as compared to higher earners.

Summary

S2860, introduced by Senators Ciccone, Lombardi, Lombardo, and McCaffrey, relates specifically to cost-of-living allowances for justices of courts in Rhode Island, including the Supreme Court, Superior Court, and Family Court. The bill aims to provide a systematic annual increase to the retirement benefits of justices, which would begin on the third anniversary of their retirement. This adjustment would equal three percent of the justice's original retirement allowance, with subsequent increases occurring annually.

Contention

One notable point of contention among the potential implications of this bill is whether the proposed adjustments adequately address the needs of retired justices, particularly those who may be financially vulnerable due to earlier retirement years and potentially lower pension payouts. While supporters argue that the adjustments are necessary to protect retired justices from inflation, opponents may raise concerns about the sustainability of pension funds and whether the proposed changes could lead to a funding crisis if not properly managed.