Rhode Island House Bill H6289

Rhode Island 2023 Regular Session

• Introduced: 4/19/23
• Refer: 4/19/23

Caption

Relating To Towns And Cities-optional Retirement For Members Of Police Force And Firefighters

Impact

HB 6289 would have a significant impact on the retirement benefits of police officers and firefighters in the state. One of the highlighted provisions is that all members would receive a retirement allowance that includes an increase to two and one-half percent (2.5%) of final compensation for years of service rendered after July 1, 2023. This could lead to higher pensions for many members, particularly those nearing retirement who have invested substantial time into their careers.

Summary

House Bill 6289 aims to amend the optional retirement provisions for members of police forces and firefighters within Rhode Island. Notable changes proposed in this bill include the definition of 'final compensation' to be based on the highest annual salary throughout the entirety of an employee's service, rather than the average over the highest five years. This alteration seeks to ensure that retiring members receive a retirement allowance that reflects their most recent pay rates, promoting financial stability for retirees.

Contention

While supporters of the bill argue that it enhances the retirement benefits for essential service workers, there are concerns about its financial implications for state and local budgets. Critics may raise issues regarding the sustainability of increased pension costs and whether such changes may require cuts in other areas or increased funding from taxpayers. The debate surrounding HB 6289 centers on ensuring adequate benefits for public servants while balancing the fiscal responsibilities of state governance.