Reinstates, for all teachers and state employees who retired after July 1, 2012, their annual cost of living adjustment for retirement plan year 2026.

Plain-English Summary

This bill would restore a cost of living adjustment (COLA) — essentially an annual increase to retirement checks — for a specific group of retired teachers and state employees in Rhode Island. Under current law, many retirees who left their jobs after July 1, 2012, have had their COLAs suspended or limited as part of pension reform changes made around that time. This bill would bring back that adjustment specifically for the 2026 retirement plan year.

The people directly affected are Rhode Island teachers and state employees who retired on or after July 1, 2012. Without this bill, those retirees would not receive an automatic increase to their pension payments in 2026. With it, their monthly retirement checks would go up to help keep pace with rising costs of living, such as inflation and everyday expenses.

It's worth noting that this is a one-year reinstatement, meaning it only applies to the 2026 plan year rather than permanently restoring COLAs going forward. The bill has been referred to the Senate Finance Committee, where lawmakers will likely examine the potential cost to the state's pension system before deciding whether to advance it further.