RI
Rhode Island House Bill H5764

Rhode Island 2025 Regular Session

Rhode Island House Bill H5764

Introduced
2/26/25  

Caption

Requires a reamortization of the state pension fund for 2026.

Impact

The implementation of HB 5764 is expected to impact state laws pertaining to public employee retirement benefits by modifying the amortization period for the unfunded actuarial accrued liability. This change is crucial as it allows for a recalibration of the funding structure, which could enhance the sustainability of the pension fund. It is particularly significant as it acknowledges the need for a revised approach to meet future pension liabilities, ensuring that obligations are met without imposing excessive burdens on the state budget.

Summary

House Bill 5764 proposes a reamortization of the state pension fund set for 2026. This legislative move aims to address the financial obligations related to the retirement system for public officers and employees in the state of Rhode Island. By amending the current actuarial cost methods involved in calculating employer contribution rates, the bill intends to stabilize the pension fund's financial outlook moving forward.

Contention

Points of contention surrounding HB 5764 may arise from the nuances of how the reamortization is structured and the potential implications for public employees' retirement security. Stakeholders, including public employee unions and fiscal watchdog groups, might express concerns regarding the adequacy of future benefits under the new amortization schedule, as well as the transparency of how these financial adjustments are managed. Overall, the discussion is likely to center around maintaining pensions' robustness while adhering to state fiscal constraints.

Companion Bills

No companion bills found.

Previously Filed As

RI S2865

Requires any benefit enhancements afforded under the employees' retirement system of Rhode Island or the municipal employees' retirement system to be amortized over individual five (5) year closed periods.

RI S2312

Provides that vacancies in excess of 3% for full time equivalent state employees which are substituted with contract employees shall require an appropriation to the pension fund equal to the average annual employer contribution for each vacant position.

RI S0997

Retirement System - Contributions And Benefits

RI S2580

Allows for a one-time two percent (2%) supplemental cost of living adjustment for plan year 2025 to the public pension benefits administered by the ERSRI, and allows for those benefits to be deducted from the taxpayer's adjusted gross income.

RI H7993

Allows for a one-time two percent (2%) supplemental cost of living adjustment for plan year 2025 to the public pension benefits administered by the ERSRI, and allows for those benefits to be deducted from the taxpayer's adjusted gross income.

RI H7225

MAKING APPROPRIATIONS FOR THE SUPPORT OF THE STATE FOR THE FISCAL YEAR ENDING JUNE 30, 2025

RI H8282

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.

RI S2014

Repeals health services council and expands the health services and amends several provisions relative to the review process of the hospital conversion act pertaining to maintenance of services and required disclosures.

RI H5200

Making Appropriations For The Support Of The State For The Fiscal Year Ending June 30, 2024

RI H8149

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 state and municipal employees.

Similar Bills

No similar bills found.