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

HB 7444 updates retirement calculations for police officers and firefighters in the state. It changes the formula used to determine retirement allowances, effective July 1, 2026, by adding a 2.5% multiplier on final salary for service years after June 30, 2026. Members retiring after this date will receive their accrued benefit as of June 2026 plus the new 2.5% calculation for future service. A special provision preserves the previous benefit formula for those retiring at age 57 with 30+ years of service.