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.
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.
Awards all members of the pension system a three and one-half percent (3.5%) annual benefit adjustment applied to the first thirty thousand dollars ($30,000) of a member's retirement allowance.
Reduces the number of years from five (5) to three (3), when calculating for retirement purposes, the average of the highest consecutive years of compensation, for teachers, and state and municipal employees.
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.