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.
House Resolution Adopting The Rules Of The House Of Representatives For The Years 2023 And 2024 (this Resolution Would Adopt The Rules Of The House Of Representatives For The Years 2023 And 2024.)
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).
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).
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.