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

SB 410 amends the method for calculating service retirement allowances for police officers and firefighters under an optional retirement plan. Beginning July 1, 2025, the bill establishes that a member's retirement allowance will be based on their accrued benefit as of June 30, 2025. For service performed after this date, an additional two and one-half percent (2.5%) of their final compensation will be added per year of service. This adjustment primarily impacts the calculation of future retirement benefits for these public safety personnel.