Amends the current law so that if a magistrate dies during active service, while eligible for retirement under ERSRI, their surviving spouse or domestic partner would receive "ERSRI option #1 – 100% survivor option".
Impact
The implications of this bill are significant, as it not only modernizes the regulations surrounding survivor benefits for magistrates but also aligns the statute with the principles of equity, ensuring that surviving spouses, partners, and children are adequately compensated after the loss of a justice. The changes presented in S1153 aim to improve the security of financial benefits, thus providing substantial support to families left behind by those who served in judicial roles.
Summary
S1153 is an act that introduces amendments to Section 8-3-11 of the General Laws, specifically targeting the allowances granted to surviving spouses, domestic partners, or minor children of deceased justices and magistrates of various courts in Rhode Island. The act ensures that if a magistrate dies during active service while eligible for retirement under the Employees' Retirement System of Rhode Island (ERSRI), their spouse or partner is entitled to a full survivor benefit package, specifically the 'ERSRI option #1 – 100% survivor option'. This ensures that survivors receive the financial security they need, reflecting a commitment to support families of those in public service.
Contention
While the bill seeks to enhance benefits for survivors, there may be discussions surrounding the financial implications of extending the '100% survivor option' to spouses of magistrates who pass away while in service. Stakeholders may raise concerns about the sustainability of funding these increased benefits through the ERSRI, particularly as it could lead to increased costs for the state. Balancing fiscal responsibility with the need to protect vulnerable families could be a key point of contention among legislators.
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.
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.
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.
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.
Allows teachers, state and municipal employees to retire upon the earlier of reaching age sixty (60) with thirty (30) years of service or the employee's retirement eligibility date under present state statutes.