Rhode Island S2249 authorizes a 2.5% annual pension increase for active and retired police and firefighters, compounded yearly.

Rhode Island S2249 amends the state's laws to authorize an annual 2.5% escalation for all active and retired police and firefighter's retirement pension allowance. This escalation is compounded each year on January 1 following the year of retirement and continues yearly on that date. The bill applies to all active and retired members, ensuring their pension benefits increase annually. The escalation is intended to adjust for inflation and maintain the purchasing power of retirement benefits.

Rhode Island S2249 authorizes a 2.5% annual pension increase for active and retired police and firefighters, compounded yearly.

Rhode Island S2249 amends the state's laws to authorize an annual 2.5% escalation for all active and retired police and firefighter's retirement pension allowance. This escalation is compounded each year on January 1 following the year of retirement and continues yearly on that date. The bill applies to all active and retired members, ensuring their pension benefits increase annually. The escalation is intended to adjust for inflation and maintain the purchasing power of retirement benefits.