Rhode Island Senate Bill S3079

Rhode Island 2024 Regular Session

• Introduced: 5/16/24
• Refer: 5/16/24

Caption

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.

Impact

This bill, if enacted, would create a more appealing retirement structure for police and firefighters, potentially improving job satisfaction and employee morale. By lowering both the years of service required for retirement and the age at which personnel can retire, S3079 could help to ensure a smoother transition for aging officers and firefighters. This may reduce turnover and improve the operational capacity of public safety departments, ultimately benefiting the communities they serve.

Summary

Bill S3079 proposes amendments to the pension regulations for police officers and firefighters in Rhode Island, allowing these members to retire after 20 years of service upon reaching the age of 57. A significant change introduced by the bill is the adjustment of how 'final compensation' is calculated for retirement benefits, shifting from the average of the highest five years of compensation to the highest three years. This modification aims to provide a more advantageous retirement benefit for eligible members, thus encouraging retention and recruitment within these essential services.

Contention

While several legislators support the bill citing its potential to enhance retirement benefits for essential service workers, there may be concerns regarding the financial implications for the state’s pension system. Opponents could argue that the bill may overextend pension liabilities or that it might not adequately address issues of attrition within the workforce. Discussions may arise about the balance between providing competitive retirement benefits and ensuring the fiscal health of the retirement system.