RI S3100

Reinstates full annual cost-of-living adjustment (COLA) for plan year 2026 for teachers and state employees who retired after July 1, 2012, removing the previous requirement that benefit adjustments be reduced to 25% unless the pension system reached 80% funded status

Provides municipal employees who retired after July 1, 2012, a one-time full COLA of 2.89% for plan year 2026

Lowers the funded ratio threshold from 80% to 75% for full COLA reinstatement for all retirement system members going forward (effective July 1, 2024)

Exempts state retirement system pension benefits from Rhode Island personal income tax beginning January 1, 2027

Takes effect upon passage