Rhode Island H7253 changes retirement benefit calculations for teachers and state employees retiring on or after July 1, 2012.

Rhode Island H7253 modifies the retirement benefit calculations for teachers and state employees by changing the cutoff date from July 1, 2024, to July 1, 2012. For those eligible to retire on or after the new cutoff date, the average compensation used in benefit calculations will be reduced from the highest five years to the average of the highest three consecutive years of compensation. The bill also ensures that a member's average compensation will not be lower than what it was on June 30, 2012. This change affects all retirement members who retire on or after July 1, 2012.

Rhode Island H7253 changes retirement benefit calculations for teachers and state employees retiring on or after July 1, 2012.

Rhode Island H7253 modifies the retirement benefit calculations for teachers and state employees by changing the cutoff date from July 1, 2024, to July 1, 2012. For those eligible to retire on or after the new cutoff date, the average compensation used in benefit calculations will be reduced from the highest five years to the average of the highest three consecutive years of compensation. The bill also ensures that a member's average compensation will not be lower than what it was on June 30, 2012. This change affects all retirement members who retire on or after July 1, 2012.