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.
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