Rhode Island H7500 changes the cutoff date for teacher and state employee retirement benefit calculations from July 1, 2024, to July 1, 2009.

Rhode Island H7500 amends the retirement benefit calculations for teachers and state employees, shifting the cutoff date from July 1, 2024, to July 1, 2009. This change affects those eligible to retire on or after the new cutoff date. The bill modifies the method of calculating retirement allowances, particularly for teachers, by adjusting the years of compensation considered for the highest average. It also updates definitions and terms related to retirement benefits, ensuring clarity and consistency in the application of retirement laws.

Rhode Island H7500 changes the cutoff date for teacher and state employee retirement benefit calculations from July 1, 2024, to July 1, 2009.

Rhode Island H7500 amends the retirement benefit calculations for teachers and state employees, shifting the cutoff date from July 1, 2024, to July 1, 2009. This change affects those eligible to retire on or after the new cutoff date. The bill modifies the method of calculating retirement allowances, particularly for teachers, by adjusting the years of compensation considered for the highest average. It also updates definitions and terms related to retirement benefits, ensuring clarity and consistency in the application of retirement laws.