AN ACT RELATING TO TOWNS AND CITIES -- OPTIONAL RETIREMENT FOR MEMBERS OF POLICE FORCE AND FIREFIGHTERS

HB 5700 modifies retirement benefits for police officers and firefighters in the state. It changes how retirement allowances are calculated, requiring that starting July 1, 2025, all members receive their accrued benefit as of June 30, 2025, plus 2.5% of final compensation multiplied by years of service after that date. The bill maintains the previous 57+ age and 30+ years service option for those retiring before 2025. This directly affects current and future retirees in these professions by adjusting their pension calculation method.