Provides an option for members to receive retirement allowances, without reduction, upon reaching twenty-five (25) years of total service or after twenty (20) years of service upon reaching age fifty-seven (57).
Impact
The bill could significantly influence state regulations concerning retirement benefits for public safety personnel. By permitting members to retire early while ensuring stable financial planning for their retirement allowances, it aims to attract and retain qualified individuals in these demanding roles. This could lead to changes in how municipalities manage their personnel costs and retirement funding, especially in times of budget constraints.
Summary
House Bill 8243 proposes amendments to existing laws related to optional retirement for members of police and fire departments in Rhode Island. The bill allows members with 20 years of total service to retire without a benefit reduction upon reaching the age of 57 or by deferring their retirement allowance until they achieve 25 years of service. These adjustments aim to provide greater retirement flexibility and incentives for long-serving public safety employees.
Contention
Notable points of contention may arise concerning the financial implications of the bill on the state's retirement system and municipal budgets. Critics may argue that early retirement options could lead to increased costs if not managed properly, potentially creating disparities in staffing levels as experienced officers retire earlier. On the other hand, proponents emphasize the importance of supporting the well-being of first responders and ensuring that retirement options are competitive to retain talent.
House Resolution Congratulating And Honoring Former Superintendent Of Pawtucket Public Schools Dr. Cheryl Mcwilliams On Her Retirement After More Than Twenty-five Years Of Distinguished Service To The Children And The City Of Pawtucket
House Resolution Honoring Armand E. Sabitoni On His Retirement As General Secretary-treasurer After Nearly Twenty-two Years Of Dedicated Service To The Laborers’ International Union Of North America
Senate Resolution Honoring Armand E. Sabitoni On His Retirement As General Secretary-treasurer After Nearly Twenty-two Years Of Dedicated Service To The Laborers’ International Union Of North America
Senate Resolution Honoring And Thanking Elizabeth Burke Bryant For Twenty-eight Years Of Devoted Service As Executive Director Of Rhode Island Kids Count
Provides an option for members to receive retirement allowances, without reduction, after twenty (20) years of service upon reaching age fifty-seven (57).
Authorizes an annual two and one-half percent (2.5%) escalation for all active and retired police and firefighter's retirement pension allowance, compounded each year on January 1 following the year of retirement and continuing yearly, on that date.
Affords an option for police and firefighters to receive retirement allowances, without reduction, who seek retirement after twenty (20) years of service upon reaching age fifty-seven (57).
Affords an option for police and firefighters to receive retirement allowances, without reduction, who seek retirement after twenty (20) years of service upon reaching age fifty-seven (57).
Allows police and firefighters to retire with 20 years of service and attained 57 years of age based on their highest 3 years consecutive compensation.
Provides an option for members to receive retirement allowances, without reduction, upon reaching twenty-five (25) years of total service or after twenty (20) years of service upon reaching age fifty-seven (57).
Allows police and firefighters to retire with 20 years of service and attained 57 years of age based on their highest 3 years consecutive compensation.