Rhode Island S2374 changes retirement benefit calculations for teachers and state employees, setting the cutoff date to July 1, 2012.

Rhode Island S2374 amends the retirement benefit calculations for teachers and state employees by changing the cutoff date from July 1, 2024, to July 1, 2012. This change affects all retirement members who are eligible to retire on or after the new cutoff date. The bill also modifies the average compensation calculation, reducing it from the highest five years to the average of the highest three consecutive years of compensation within the total service. This act takes effect upon passage.

Rhode Island S2374 changes retirement benefit calculations for teachers and state employees, setting the cutoff date to July 1, 2012.

Rhode Island S2374 amends the retirement benefit calculations for teachers and state employees by changing the cutoff date from July 1, 2024, to July 1, 2012. This change affects all retirement members who are eligible to retire on or after the new cutoff date. The bill also modifies the average compensation calculation, reducing it from the highest five years to the average of the highest three consecutive years of compensation within the total service. This act takes effect upon passage.