Rhode Island H7443 authorizes a 2.5% annual escalation for police and firefighter retirement pensions, compounded yearly.

Rhode Island H7443 amends the General Laws to authorize an annual 2.5% escalation for all active and retired police and firefighter retirement pension allowances, compounded each year on January 1 following the year of retirement and continuing yearly on that date. This escalation applies to all eligible members, ensuring their pensions increase annually. The bill takes effect upon passage.

Rhode Island H7443 authorizes a 2.5% annual escalation for police and firefighter retirement pensions, compounded yearly.

Rhode Island H7443 amends the General Laws to authorize an annual 2.5% escalation for all active and retired police and firefighter retirement pension allowances, compounded each year on January 1 following the year of retirement and continuing yearly on that date. This escalation applies to all eligible members, ensuring their pensions increase annually. The bill takes effect upon passage.