Changes retirement benefit calculations for teachers and state employees in Rhode Island.
This bill modifies the retirement benefit calculations for teachers and state employees in Rhode Island. It changes the cutoff date for retirement benefit calculations from July 1, 2024, to July 1, 2009, for those eligible to retire on or after the new date. The bill specifies different compensation formulas based on years of service and average compensation. It also includes provisions for service credit purchases and defines various terms related to retirement benefits.
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