2016 -- H 7261 | |
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LC003871 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2016 | |
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A N A C T | |
RELATING TO TOWNS AND CITIES - CENTRAL FALLS RETIREE PENSION BENEFITS | |
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Introduced By: Representatives McLaughlin, Messier, MacBeth, Casey, and Amore | |
Date Introduced: January 21, 2016 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 45-21 of the General Laws entitled "Retirement of Municipal |
2 | Employees" is hereby amended by adding thereto the following section: |
3 | 45-21-67.1. Gradual increase of pension benefits for Central Falls retirees. – (a) |
4 | Notwithstanding the provisions of §45-21-67: |
5 | (1) Effective September 1, 2016, all Central Falls' retirees covered by the terms of the |
6 | settlement agreement enacted by §45-21-67, shall receive eighty percent (80%) of their base |
7 | pension benefit as it existed on July 31, 2011, after taking into account all applicable cost-of- |
8 | living adjustments for their lifetime, and to the extent applicable, for the life of their beneficiaries; |
9 | (2) Effective September 1, 2017, they shall receive eighty-five percent (85%) of their city |
10 | pension; |
11 | (3) Effective September 1, 2018, they shall receive ninety percent (90%) of their city |
12 | pension; |
13 | (4) Effective September 1, 2019, they shall receive ninety-five percent (95%) of their city |
14 | pension; and |
15 | (5) Effective September 1, 2020 and continuing thereafter, they shall receive one hundred |
16 | percent (100%) of their base pension benefit as it existed on July 31, 2011, after taking into |
17 | account all applicable cost-of-living adjustments for their lifetime, and to the extent applicable for |
18 | the life of their beneficiaries. |
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1 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TOWNS AND CITIES - CENTRAL FALLS RETIREE PENSION BENEFITS | |
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1 | Effective September 1, 2016, all Central Falls retirees covered by §45-21-67 would have |
2 | their pension benefits gradually increased during a five (5) year period from seventy-five percent |
3 | (75%) to one hundred percent (100%) of their base pension benefit amount as of July 31, 2011, |
4 | after taking into account all applicable cost-of-living adjustments for their lifetimes, and to the |
5 | extent applicable for the lives of their beneficiaries. |
6 | This act would take effect upon passage. |
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LC003871 | |
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