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| 5 | 5 | | 2025 -- S 0777 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC002378 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO PUBLIC OFFICERS AND EMPLOYEES -- RETIREMENT SYSTEM-- |
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| 16 | 16 | | CONTRIBUTIONS AND BENEFITS |
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| 17 | 17 | | Introduced By: Senators Ciccone, LaMountain, Dimitri, Burke, Appollonio, and Patalano |
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| 18 | 18 | | Date Introduced: March 14, 2025 |
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| 19 | 19 | | Referred To: Senate Finance |
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| 20 | 20 | | |
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| 21 | 21 | | |
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| 22 | 22 | | It is enacted by the General Assembly as follows: |
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| 23 | 23 | | SECTION 1. Section 36-10-35 of the General Laws in Chapter 36-10 entitled "Retirement 1 |
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| 24 | 24 | | System — Contributions and Benefits" is hereby amended to read as follows: 2 |
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| 25 | 25 | | 36-10-35. Additional benefits payable to retired employees. 3 |
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| 26 | 26 | | (a) All state employees and all beneficiaries of state employees receiving any service 4 |
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| 27 | 27 | | retirement or ordinary or accidental disability retirement allowance pursuant to the provisions of 5 |
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| 28 | 28 | | this title on or before December 31, 1967, shall receive a cost of living retirement adjustment equal 6 |
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| 29 | 29 | | to one and one-half percent (1.5%) per year of the original retirement allowance, not compounded, 7 |
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| 30 | 30 | | for each calendar year the retirement allowance has been in effect. For the purposes of computation, 8 |
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| 31 | 31 | | credit shall be given for a full calendar year regardless of the effective date of the retirement 9 |
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| 32 | 32 | | allowance. This cost of living adjustment shall be added to the amount of the retirement allowance 10 |
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| 33 | 33 | | as of January 1, 1968, and an additional one and one-half percent (1.5%) shall be added to the 11 |
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| 34 | 34 | | original retirement allowance in each succeeding year during the month of January, and provided 12 |
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| 35 | 35 | | further, that this additional cost of living increase shall be three percent (3%) for the year beginning 13 |
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| 36 | 36 | | January 1, 1971, and each year thereafter, through December 31, 1980. Notwithstanding any of the 14 |
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| 37 | 37 | | above provisions, no employee receiving any service retirement allowance pursuant to the 15 |
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| 38 | 38 | | provisions of this title on or before December 31, 1967, or the employee’s beneficiary, shall receive 16 |
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| 39 | 39 | | any additional benefit hereunder in an amount less than two hundred dollars ($200) per year over 17 |
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| 40 | 40 | | the service retirement allowance where the employee retired prior to January 1, 1958. 18 |
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| 41 | 41 | | |
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| 42 | 42 | | |
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| 43 | 43 | | LC002378 - Page 2 of 8 |
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| 44 | 44 | | (b) All state employees and all beneficiaries of state employees retired on or after January 1 |
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| 45 | 45 | | 1, 1968, who are receiving any service retirement or ordinary or accidental disability retirement 2 |
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| 46 | 46 | | allowance pursuant to the provisions of this title shall, on the first day of January next following 3 |
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| 47 | 47 | | the third anniversary date of the retirement, receive a cost of living retirement adjustment, in 4 |
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| 48 | 48 | | addition to their retirement allowance, in an amount equal to three percent (3%) of the original 5 |
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| 49 | 49 | | retirement allowance. In each succeeding year thereafter through December 31, 1980, during the 6 |
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| 50 | 50 | | month of January, the retirement allowance shall be increased an additional three percent (3%) of 7 |
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| 51 | 51 | | the original retirement allowance, not compounded, to be continued during the lifetime of the 8 |
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| 52 | 52 | | employee or beneficiary. For the purposes of computation, credit shall be given for a full calendar 9 |
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| 53 | 53 | | year regardless of the effective date of the service retirement allowance. 10 |
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| 54 | 54 | | (c)(1) Beginning on January 1, 1981, for all state employees and beneficiaries of the state 11 |
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| 55 | 55 | | employees receiving any service retirement and all state employees, and all beneficiaries of state 12 |
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| 56 | 56 | | employees, who have completed at least ten (10) years of contributory service on or before July 1, 13 |
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| 57 | 57 | | 2005, pursuant to the provisions of this chapter, and for all state employees, and all beneficiaries 14 |
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| 58 | 58 | | of state employees who receive a disability retirement allowance pursuant to §§ 36-10-12 — 36-15 |
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| 59 | 59 | | 10-15, the cost of living adjustment shall be computed and paid at the rate of three percent (3%) of 16 |
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| 60 | 60 | | the original retirement allowance or the retirement allowance as computed in accordance with § 17 |
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| 61 | 61 | | 36-10-35.1, compounded annually from the year for which the cost of living adjustment was 18 |
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| 62 | 62 | | determined to be payable by the retirement board pursuant to the provisions of subsection (a) or (b) 19 |
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| 63 | 63 | | of this section. Such cost of living adjustments are available to members who retire before October 20 |
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| 64 | 64 | | 1, 2009, or are eligible to retire as of September 30, 2009. 21 |
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| 65 | 65 | | (2) The provisions of this subsection shall be deemed to apply prospectively only and no 22 |
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| 66 | 66 | | retroactive payment shall be made. 23 |
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| 67 | 67 | | (3) The retirement allowance of all state employees and all beneficiaries of state employees 24 |
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| 68 | 68 | | who have not completed at least ten (10) years of contributory service on or before July 1, 2005, or 25 |
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| 69 | 69 | | were not eligible to retire as of September 30, 2009, shall, on the month following the third 26 |
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| 70 | 70 | | anniversary date of retirement, and on the month following the anniversary date of each succeeding 27 |
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| 71 | 71 | | year be adjusted and computed by multiplying the retirement allowance by three percent (3%) or 28 |
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| 72 | 72 | | the percentage of increase in the Consumer Price Index for All Urban Consumers (CPI-U) as 29 |
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| 73 | 73 | | published by the United States Department of Labor Statistics determined as of September 30 of 30 |
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| 74 | 74 | | the prior calendar year, whichever is less; the cost of living adjustment shall be compounded 31 |
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| 75 | 75 | | annually from the year for which the cost of living adjustment was determined payable by the 32 |
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| 76 | 76 | | retirement board; provided, that no adjustment shall cause any retirement allowance to be decreased 33 |
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| 77 | 77 | | from the retirement allowance provided immediately before such adjustment. 34 |
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| 78 | 78 | | |
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| 79 | 79 | | |
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| 80 | 80 | | LC002378 - Page 3 of 8 |
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| 81 | 81 | | (d) For state employees not eligible to retire in accordance with this chapter as of 1 |
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| 82 | 82 | | September 30, 2009, and not eligible upon passage of this article, and for their beneficiaries, the 2 |
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| 83 | 83 | | cost of living adjustment described in subsection (c)(3) of this section shall only apply to the first 3 |
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| 84 | 84 | | thirty-five thousand dollars ($35,000) of retirement allowance, indexed annually, and shall 4 |
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| 85 | 85 | | commence upon the third (3rd) anniversary of the date of retirement or when the retiree reaches 5 |
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| 86 | 86 | | age sixty-five (65), whichever is later. The thirty-five thousand dollar ($35,000) limit shall increase 6 |
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| 87 | 87 | | annually by the percentage increase in the Consumer Price Index for All Urban Consumers (CPI-7 |
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| 88 | 88 | | U) as published by the United States Department of Labor Statistics determined as of September 8 |
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| 89 | 89 | | 30 of the prior calendar year or three percent (3%), whichever is less. The first thirty-five thousand 9 |
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| 90 | 90 | | dollars ($35,000) of retirement allowance, as indexed, shall be multiplied by the percentage of 10 |
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| 91 | 91 | | increase in the Consumer Price Index for All Urban Consumers (CPI-U) as published by the United 11 |
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| 92 | 92 | | States Department of Labor Statistics determined as of September 30 of the prior calendar year or 12 |
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| 93 | 93 | | three percent (3%), whichever is less, on the month following the anniversary date of each 13 |
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| 94 | 94 | | succeeding year. For state employees eligible to retire as of September 30, 2009, or eligible upon 14 |
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| 95 | 95 | | passage of this article, and for their beneficiaries, the provisions of this subsection (d) shall not 15 |
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| 96 | 96 | | apply. 16 |
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| 97 | 97 | | (e) All legislators and all beneficiaries of legislators who are receiving a retirement 17 |
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| 98 | 98 | | allowance pursuant to the provisions of § 36-10-9.1 for a period of three (3) or more years, shall, 18 |
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| 99 | 99 | | commencing January 1, 1982, receive a cost of living retirement adjustment, in addition to a 19 |
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| 100 | 100 | | retirement allowance, in an amount equal to three percent (3%) of the original retirement allowance. 20 |
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| 101 | 101 | | In each succeeding year thereafter during the month of January, the retirement allowance shall be 21 |
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| 102 | 102 | | increased an additional three percent (3%) of the original retirement allowance, compounded 22 |
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| 103 | 103 | | annually, to be continued during the lifetime of the legislator or beneficiary. For the purposes of 23 |
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| 104 | 104 | | computation, credit shall be given for a full calendar year regardless of the effective date of the 24 |
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| 105 | 105 | | service retirement allowance. 25 |
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| 106 | 106 | | (f) The provisions of §§ 45-13-7 — 45-13-10 shall not apply to this section. 26 |
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| 107 | 107 | | (g) This subsection (g) shall be effective for the period July 1, 2012, through June 30, 2015. 27 |
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| 108 | 108 | | (1) Notwithstanding the prior paragraphs of this section, and subject to subsection (g)(2) 28 |
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| 109 | 109 | | below, for all present and former employees, active and retired members, and beneficiaries 29 |
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| 110 | 110 | | receiving any retirement, disability or death allowance or benefit of any kind, the annual benefit 30 |
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| 111 | 111 | | adjustment provided in any calendar year under this section shall be equal to (A) multiplied by (B) 31 |
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| 112 | 112 | | where (A) is equal to the percentage determined by subtracting five and one-half percent (5.5%) 32 |
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| 113 | 113 | | (the “subtrahend”) from the Five-Year Average Investment Return of the retirement system 33 |
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| 114 | 114 | | determined as of the last day of the plan year preceding the calendar year in which the adjustment 34 |
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| 115 | 115 | | |
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| 116 | 116 | | |
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| 117 | 117 | | LC002378 - Page 4 of 8 |
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| 118 | 118 | | is granted, said percentage not to exceed four percent (4%) and not to be less than zero percent 1 |
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| 119 | 119 | | (0%), and (B) is equal to the lesser of the member’s retirement allowance or the first twenty-five 2 |
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| 120 | 120 | | thousand dollars ($25,000) of retirement allowance, such twenty-five thousand dollars ($25,000) 3 |
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| 121 | 121 | | amount to be indexed annually in the same percentage as determined under (g)(1)(A) above. The 4 |
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| 122 | 122 | | “Five-Year Average Investment Return” shall mean the average of the investment returns of the 5 |
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| 123 | 123 | | most recent five (5) plan years as determined by the retirement board. Subject to subsection (g)(2) 6 |
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| 124 | 124 | | below, the benefit adjustment provided by this subsection (g)(1) shall commence upon the third 7 |
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| 125 | 125 | | (3rd) anniversary of the date of retirement or the date on which the retiree reaches their Social 8 |
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| 126 | 126 | | Security retirement age, whichever is later. In the event the retirement board adjusts the actuarially 9 |
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| 127 | 127 | | assumed rate of return for the system, either upward or downward, the subtrahend shall be adjusted 10 |
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| 128 | 128 | | either upward or downward in the same amount. 11 |
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| 129 | 129 | | (2) Except as provided in subsection (g)(3), the benefit adjustments under this section for 12 |
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| 130 | 130 | | any plan year shall be suspended in their entirety unless the funded ratio of the employees’ 13 |
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| 131 | 131 | | retirement system of Rhode Island, the judicial retirement benefits trust, and the state police 14 |
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| 132 | 132 | | retirement benefits trust, calculated by the system’s actuary on an aggregate basis, exceeds eighty 15 |
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| 133 | 133 | | percent (80%) in which event the benefit adjustment will be reinstated for all members for such 16 |
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| 134 | 134 | | plan year. 17 |
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| 135 | 135 | | In determining whether a funding level under this subsection (g)(2) has been achieved, the 18 |
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| 136 | 136 | | actuary shall calculate the funding percentage after taking into account the reinstatement of any 19 |
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| 137 | 137 | | current or future benefit adjustment provided under this section. 20 |
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| 138 | 138 | | (3) Notwithstanding subsection (g)(2), in each fifth plan year commencing after June 30, 21 |
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| 139 | 139 | | 2012, commencing with the plan year ending June 30, 2017, and subsequently at intervals of five 22 |
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| 140 | 140 | | plan years, a benefit adjustment shall be calculated and made in accordance with subsection (g)(1) 23 |
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| 141 | 141 | | above until the funded ratio of the employees’ retirement system of Rhode Island, the judicial 24 |
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| 142 | 142 | | retirement benefits trust, and the state police retirement benefits trust, calculated by the system’s 25 |
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| 143 | 143 | | actuary on an aggregate basis, exceeds eighty percent (80%). 26 |
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| 144 | 144 | | (4) Notwithstanding any other provision of this chapter, the provisions of this subsection 27 |
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| 145 | 145 | | (g) shall become effective July 1, 2012, and shall apply to any benefit adjustment not granted on or 28 |
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| 146 | 146 | | prior to June 30, 2012. 29 |
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| 147 | 147 | | (h) This subsection (h) shall become effective July 1, 2015. 30 |
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| 148 | 148 | | (1)(A) As soon as administratively reasonable following the enactment into law of this 31 |
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| 149 | 149 | | subsection (h)(1)(A), a one-time benefit adjustment shall be provided to members and/or 32 |
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| 150 | 150 | | beneficiaries of members who retired on or before June 30, 2012, in the amount of two percent 33 |
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| 151 | 151 | | (2%) of the lesser of either the member’s retirement allowance or the first twenty-five thousand 34 |
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| 152 | 152 | | |
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| 153 | 153 | | |
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| 154 | 154 | | LC002378 - Page 5 of 8 |
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| 155 | 155 | | dollars ($25,000) of the member’s retirement allowance. This one-time benefit adjustment shall be 1 |
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| 156 | 156 | | provided without regard to the retiree’s age or number of years since retirement. 2 |
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| 157 | 157 | | (B) Notwithstanding the prior subsections of this section, for all present and former 3 |
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| 158 | 158 | | employees, active and retired members, and beneficiaries receiving any retirement, disability or 4 |
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| 159 | 159 | | death allowance or benefit of any kind, the annual benefit adjustment provided in any calendar year 5 |
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| 160 | 160 | | under this section for adjustments on and after January 1, 2016, and subject to subsection (h)(2) 6 |
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| 161 | 161 | | below, shall be equal to (I) multiplied by (II): 7 |
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| 162 | 162 | | (I) shall equal the sum of fifty percent (50%) of (i) plus fifty percent (50%) of (ii) where: 8 |
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| 163 | 163 | | (i) is equal to the percentage determined by subtracting five and one-half percent (5.5%) 9 |
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| 164 | 164 | | (the “subtrahend”) from the five-year average investment return of the retirement system 10 |
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| 165 | 165 | | determined as of the last day of the plan year preceding the calendar year in which the adjustment 11 |
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| 166 | 166 | | is granted, said percentage not to exceed four percent (4%) and not to be less than zero percent 12 |
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| 167 | 167 | | (0%). The “five-year average investment return” shall mean the average of the investment returns 13 |
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| 168 | 168 | | of the most recent five (5) plan years as determined by the retirement board. In the event the 14 |
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| 169 | 169 | | retirement board adjusts the actuarially assumed rate of return for the system, either upward or 15 |
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| 170 | 170 | | downward, the subtrahend shall be adjusted either upward or downward in the same amount. 16 |
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| 171 | 171 | | (ii) is equal to the lesser of three percent (3%) or the percentage increase in the Consumer 17 |
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| 172 | 172 | | Price Index for All Urban Consumers (CPI-U) as published by the U.S. Department of Labor 18 |
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| 173 | 173 | | Statistics determined as of September 30 of the prior calendar year. In no event shall the sum of (i) 19 |
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| 174 | 174 | | plus (ii) exceed three and one-half percent (3.5%) or be less than zero percent (0%). 20 |
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| 175 | 175 | | (II) is equal to the lesser of either the member’s retirement allowance or the first twenty-21 |
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| 176 | 176 | | five thousand eight hundred and fifty-five dollars ($25,855) of retirement allowance, such amount 22 |
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| 177 | 177 | | to be indexed annually in the same percentage as determined under subsection (h)(1)(B)(I) above. 23 |
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| 178 | 178 | | The benefit adjustments provided by this subsection (h)(1)(B) shall be provided to all 24 |
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| 179 | 179 | | retirees entitled to receive a benefit adjustment as of June 30, 2012, under the law then in effect, 25 |
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| 180 | 180 | | and for all other retirees the benefit adjustments shall commence upon the third anniversary of the 26 |
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| 181 | 181 | | date of retirement or the date on which the retiree reaches their Social Security retirement age, 27 |
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| 182 | 182 | | whichever is later. 28 |
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| 183 | 183 | | (2) Except for members and/or beneficiaries of members who retired on or before June 30, 29 |
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| 184 | 184 | | 2012, the benefit adjustments under subsection (h)(1)(B) for any plan year shall be reduced to 30 |
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| 185 | 185 | | twenty-five percent (25%) of the benefit adjustment unless the funded ratio of the employees’ 31 |
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| 186 | 186 | | retirement system of Rhode Island, the judicial retirement benefits trust, and the state police 32 |
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| 187 | 187 | | retirement benefits trust, calculated by the system’s actuary on an aggregate basis, exceeds eighty 33 |
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| 188 | 188 | | percent (80%) in which event the benefit adjustment will be reinstated for all members for such 34 |
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| 189 | 189 | | |
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| 190 | 190 | | |
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| 191 | 191 | | LC002378 - Page 6 of 8 |
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| 192 | 192 | | plan year. Effective July 1, 2024, the funded ratio of the employees’ retirement system of Rhode 1 |
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| 193 | 193 | | Island, the judicial retirement benefits trust, and the state police retirement benefits trust, calculated 2 |
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| 194 | 194 | | by the system’s actuary on an aggregate basis, of exceeding eighty percent (80%) for the benefit 3 |
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| 195 | 195 | | adjustment to be reinstated for all members for such plan year shall be replaced with seventy-five 4 |
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| 196 | 196 | | percent (75%). 5 |
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| 197 | 197 | | In determining whether a funding level under this subsection (h)(2) has been achieved, the 6 |
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| 198 | 198 | | actuary shall calculate the funding percentage after taking into account the reinstatement of any 7 |
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| 199 | 199 | | current or future benefit adjustment provided under this section. 8 |
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| 200 | 200 | | (3) Effective for members and/or beneficiaries of members who retired after June 30, 2012, 9 |
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| 201 | 201 | | or on or before June 30, 2015, the dollar amount in subsection (h)(1)(B)(II) of twenty-five thousand 10 |
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| 202 | 202 | | eight hundred and fifty-five dollars ($25,855) shall be replaced with thirty-one thousand and 11 |
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| 203 | 203 | | twenty-six dollars ($31,026) until the funded ratio of the employees’ retirement system of Rhode 12 |
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| 204 | 204 | | Island, the judicial retirement benefits trust, and the state police retirement benefits trust, calculated 13 |
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| 205 | 205 | | by the system’s actuary on an aggregate basis, exceeds eighty percent (80%). Effective July 1, 14 |
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| 206 | 206 | | 2024, the funded ratio of the employees’ retirement system of Rhode Island, the judicial retirement 15 |
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| 207 | 207 | | benefits trust, and the state police retirement benefits trust, calculated by the system’s actuary on 16 |
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| 208 | 208 | | an aggregate basis, of exceeding eighty percent (80%) shall be replaced with seventy-five percent 17 |
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| 209 | 209 | | (75%). 18 |
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| 210 | 210 | | (i) Effective for members and/or beneficiaries of members who have retired on or before 19 |
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| 211 | 211 | | July 1, 2015, a one-time stipend of five hundred dollars ($500) shall be payable within sixty (60) 20 |
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| 212 | 212 | | days following the enactment of the legislation implementing this provision, and a second one-time 21 |
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| 213 | 213 | | stipend of five hundred dollars ($500) in the same month of the following year. These stipends 22 |
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| 214 | 214 | | shall be payable to all retired members or beneficiaries receiving a benefit as of the applicable 23 |
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| 215 | 215 | | payment date and shall not be considered cost of living adjustments under the prior provisions of 24 |
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| 216 | 216 | | this section. 25 |
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| 217 | 217 | | (j) Notwithstanding the prior subsections of this section, for all present and former 26 |
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| 218 | 218 | | employees, active and retired members, and beneficiaries receiving any retirement, disability or 27 |
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| 219 | 219 | | death allowance or benefit of any kind, shall receive an annual benefit adjustment equal to a two 28 |
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| 220 | 220 | | thousand dollar ($2,000) increase per year for each calendar year. 29 |
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| 221 | 221 | | (1) Notwithstanding any other provision of this chapter, the provisions of this subsection 30 |
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| 222 | 222 | | shall become effective July 1, 2026, and shall apply to any benefit adjustment not granted on or 31 |
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| 223 | 223 | | prior to June 30, 2026. 32 |
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| 224 | 224 | | |
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| 225 | 225 | | |
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| 226 | 226 | | LC002378 - Page 7 of 8 |
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| 227 | 227 | | SECTION 2. This act shall take effect upon passage. 1 |
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| 229 | 229 | | LC002378 |
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| 230 | 230 | | ======== |
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| 231 | 231 | | |
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| 232 | 232 | | |
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| 233 | 233 | | LC002378 - Page 8 of 8 |
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| 234 | 234 | | EXPLANATION |
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| 235 | 235 | | BY THE LEGISLATIVE COUNCIL |
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| 236 | 236 | | OF |
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| 237 | 237 | | A N A C T |
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| 238 | 238 | | RELATING TO PUBLIC OFFICERS AND EMPLOYEES -- RETIREMENT SYSTEM-- |
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| 239 | 239 | | CONTRIBUTIONS AND BENEFITS |
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| 240 | 240 | | *** |
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| 241 | 241 | | This act would require effective July 1, 2026, that all present and former employees, active 1 |
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| 242 | 242 | | and retired members, and beneficiaries receiving any retirement, disability or death allowance or 2 |
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| 243 | 243 | | benefit of any kind, shall receive an annual benefit adjustment of two thousand dollars ($2,000) 3 |
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| 244 | 244 | | each calendar year. 4 |
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| 245 | 245 | | This act would take effect upon passage. 5 |
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| 246 | 246 | | ======== |
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| 247 | 247 | | LC002378 |
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| 248 | 248 | | ======== |
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| 249 | 249 | | |
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