Requires that present and former employees, active and retired members, and beneficiaries receiving any retirement, disability or death allowance receive a $2,000 increase per year.
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.
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.
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.