Rhode Island H7444 amends retirement allowances for police officers and firefighters.

Rhode Island H7444 modifies the retirement allowance for police officers and firefighters, ensuring they receive a life annuity based on accrued benefits. Specifically, it adjusts the calculation of retirement benefits, providing a greater of two options: 2.25% of final compensation multiplied by total years of service, or the member's accrued benefit. It also allows members who retired before July 1, 2012, to change their benefit form to a life annuity. The changes take effect upon passage.

Rhode Island H7444 amends retirement allowances for police officers and firefighters.

Rhode Island H7444 modifies the retirement allowance for police officers and firefighters, ensuring they receive a life annuity based on accrued benefits. Specifically, it adjusts the calculation of retirement benefits, providing a greater of two options: 2.25% of final compensation multiplied by total years of service, or the member's accrued benefit. It also allows members who retired before July 1, 2012, to change their benefit form to a life annuity. The changes take effect upon passage.