AN ACT RELATING TO EDUCATION -- TEACHERS' RETIREMENT

SB 2308 amends the retirement rules for school teachers and other public employees in Rhode Island to allow them to retire earlier under specific conditions. The bill establishes different eligibility requirements based on when a teacher began working, with provisions for those who started before 2009, those between 2009 and 2012, and new rules effective in 2012 and 2015. For example, it allows teachers who started after 2012 to retire once they reach their Social Security retirement age with at least five years of service, while those with longer tenure may retire earlier with a reduction in their monthly pension benefits. The legislation also includes a formula to adjust retirement ages for certain long-serving employees who were not yet eligible to retire before specific cutoff dates.