Rhode Island 2024 Regular Session

Rhode Island Senate Bill S3023

Introduced
5/2/24  

Caption

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 proposed changes in S3023 would have a significant effect on existing state retirement laws, particularly those governing the retirement benefits for police officers and firefighters. The amendments to Section 45-21.2-5 of the General Laws are intended to provide more favorable retirement conditions, thereby potentially increasing the attractiveness of these public service careers. This could impact the retention of seasoned professionals within these sectors, as better retirement options may encourage longevity in service.

Summary

Bill S3023, relating to optional retirement for members of police and firefighters, proposes changes to the retirement options available for these public service members in Rhode Island. It allows members who have completed a minimum of twenty years of total service to retire without a reduction in their retirement allowance, provided they either delay collecting benefits until they have achieved a total of twenty-five years of service or reach the age of fifty-seven with at least twenty years of service. This move aims to enhance retirement benefits for long-serving members of the police and fire services.

Contention

However, the bill is not without its points of contention. Proponents assert that enhancing retirement benefits is essential for recognizing the risks associated with work in these demanding fields, where employees often face physical dangers and mental stress. On the other hand, critics may argue about the fiscal impact of extending these retirement benefits and the overall sustainability of pension funds. The discussions surrounding S3023 suggest that while it seeks to address the needs of public servants, it also raises valid concerns regarding state budget responsibilities and the long-term viability of pension schemes.

Companion Bills

No companion bills found.

Previously Filed As

RI H6203

Optional Retirement For Members Of Police Force And Firefighters

RI H6289

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

RI H6039

House Resolution Honoring Anthony Capezza On His Retirement After Fifty Years Of Distinguished And Honorable Public Service

RI S0521

Retirement System--membership And Service Credits

RI H6017

Retirement System--membership And Service Credits

RI H6413

Teachers' Retirement

RI H6458

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

RI H6520

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

RI S1095

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

RI S0049

Senate Resolution Honoring And Thanking Elizabeth Burke Bryant For Twenty-eight Years Of Devoted Service As Executive Director Of Rhode Island Kids Count

Similar Bills

RI H5471

Provides an option for members to receive retirement allowances, without reduction, after twenty (20) years of service upon reaching age fifty-seven (57).

RI H6203

Optional Retirement For Members Of Police Force And Firefighters

RI H5230

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).

RI H7240

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.

RI S0411

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).

RI H8243

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).

RI S0093

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.

RI S3079

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.