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H7459 • 2026
AN ACT RELATING TO EDUCATION -- TEACHERS' RETIREMENT (Allows teachers to retire earlier upon what would be referred to as a Rule of 93, rather than the existing Rule of 95 under present state statutes.)
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
The plain English breakdown is still being put together. The official documents below are already here.
Introduced, referred to House Finance
AN ACT RELATING TO EDUCATION -- TEACHERS' RETIREMENT (Allows teachers to retire earlier upon what would be referred to as a Rule of 93, rather than the existing Rule of 95 under present state statutes.)
H7459 2026 -- H 7459 ======== LC003277 ======== STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ A N A C T RELATING TO EDUCATION -- TEACHERS' RETIREMENT Introduced By: Representatives Paplauskas, Hopkins, McNamara, Nardone, Fascia, Place, Newberry, Read, Chippendale, and Roberts Date Introduced: January 30, 2026 Referred To: House Finance It is enacted by the General Assembly as follows: 1 SECTION 1. Section 16-16-12 of the General Laws in Chapter 16-16 entitled "Teachers’ 2 Retirement [See Title 16 Chapter 97 — The Rhode Island Board of Education Act]" is hereby 3 amended to read as follows: 4 16-16-12. Procedure for service retirement. 5 Retirement of a member on a service retirement allowance shall be made by the retirement 6 board as follows: 7 (a)(i) Any member may retire upon his or her written application to the retirement board 8 as of the first day of the calendar month in which the application was filed, provided the member 9 was separated from service prior to filing the application, and further provided however, that if 10 separation from service occurs during the month in which the application is filed, the effective date 11 shall be the first day following the separation from service, and provided further that the member 12 on retirement date has attained the age of sixty (60) years and has completed at least ten (10) years 13 of contributory service on or before July 1, 2005, or regardless of age has completed twenty-eight 14 (28) years of total service and has completed at least ten (10) years of contributory service on or 15 before July 1, 2005, and who retire before October 1, 2009, or are eligible to retire as of September 16 30, 2009. 17 (ii) For teachers who become eligible to retire on or after October 1, 2009, and prior to July 18 1, 2012, benefits are available to teachers who have attained the age of sixty-two (62) and 19 completed at least ten (10) years of contributory service. For teachers in service as of October 1, 1 2009, who were not eligible to retire as of September 30, 2009, but became eligible to retire prior 2 to July 1, 2012, the minimum retirement age of sixty-two (62) will be adjusted downward in 3 proportion to the amount of service the member has earned as of September 30, 2009. The 4 proportional formula shall work as follows: 5 (A) The formula shall determine the first age of retirement eligibility under the laws in 6 effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 7 sixty-two (62). 8 (B) The formula shall then take the teacher’s total service credit as of September 30, 2009, 9 as the numerator and the years of service credit determined under (A) as the denominator. 10 (C) The fraction determined in (B) shall then be multiplied by the age difference in (1) to 11 apply a reduction in years from age sixty-two (62). 12 (b)(i) Any member, who has not completed at least ten (10) years of contributory service 13 on or before July 1, 2005, may retire upon his or her written application to the retirement board as 14 of the first day of the calendar month in which the application was filed; provided, the member was 15 separated from service prior thereto; and further provided, however, that if separation from service 16 occurs during the month in which application is filed, the effective date shall be the first day 17 following that separation from service; provided, the member on his or her retirement date had 18 attained the age of fifty-nine (59) and had completed at least twenty-nine (29) years of total service; 19 or provided, that the member on his or her retirement date had attained the age of sixty-five (65) 20 and had completed at least ten (10) years of contributory service; or provided, that the member on 21 his or her retirement date had attained the age of fifty-five (55) and had completed twenty (20) 22 years of total service and provided, that the retirement allowance, as determined according to the 23 formula in § 16-16-13 is reduced actuarially for each month that the age of the member is less than 24 sixty-five (65) years and who retire before October 1, 2009, or are eligible to retire as of September 25 30, 2009. 26 (ii) For teachers who become eligible to retire on or after October 1, 2009, and prior to July 27 1, 2012, benefits are available to teachers who have attained the age of sixty-two (62) and have 28 completed at least twenty-nine (29) years of total service or have attained the age of sixty-five (65) 29 and completed at least ten (10) years of contributory service. For teachers in service as of October 30 1, 2009, who were not eligible to retire as of September 30, 2009, but become eligible to retire prior 31 to July 1, 2012, who have a minimum retirement age of sixty-two (62), the retirement age will be 32 adjusted downward in proportion to the amount of service the member has earned as of September 33 30, 2009. The proportional formula shall work as follows: 34 (A) The formula shall determine the first age of retirement eligibility under the laws in LC003277 - Page 2 of 12 1 effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 2 sixty-two (62). 3 (B) The formula shall then take the teacher’s total service credit as of September 30, 2009, 4 as the numerator and the years of service credit determined under (A) as the denominator. 5 (C) The fraction determined in (B) shall then be multiplied by the age difference 6 determined in (A) to apply a reduction in years from age sixty-two (62). 7 (c) Effective July 1, 2012, the following shall apply to all teachers not eligible to retire 8 prior to July 1, 2012: 9 (i) A teacher with contributory service on or after July 1, 2012, shall be eligible to retire 10 upon the completion of at least five (5) years of contributory service and attainment of the teacher’s 11 Social Security retirement age. 12 (ii) For teachers with five (5) or more years of contributory service as of June 30, 2012, 13 with contributory service on and after July 1, 2012, who have a retirement age of Social Security 14 Retirement Age, the retirement age will be adjusted downward in proportion to the amount of 15 service the teacher has earned as of June 30, 2012, but in no event shall a teacher’s retirement age 16 under this subparagraph (ii) be prior to the attainment of age fifty-nine (59) or prior to the teacher’s 17 retirement age determined under the laws in effect on June 30, 2012. The proportional formula shall 18 work as follows: 19 (1) The formula shall determine the first age of retirement eligibility under the laws in 20 effect on June 30, 2012, which shall then be subtracted from Social Security retirement age; 21 (2) The formula shall then take the teacher’s total service credit as of June 30, 2012, as the 22 numerator and the projected service at retirement age in effect on June 30, 2012, as the 23 denominator; 24 (3) The fraction determined in (2) shall then be multiplied by the age difference determined 25 in (1) to apply a reduction in years from Social Security retirement age. 26 (iii) Effective July 1, 2015, a teacher who has completed twenty (20) or more years of total 27 service and who has attained an age within five (5) years of the eligible retirement age under 28 subdivisions (c)(i) or (c)(ii) above or subsection (d) below, may elect to retire provided that the 29 retirement allowance shall be reduced actuarially for each month that the age of the teacher is less 30 than the eligible retirement age under subdivisions (c)(i) or (c)(ii) above or subsection (d) below in 31 accordance with the following table: 32 Year Preceding Retirement Cumulative Annual Reduction Cumulative Monthly 33 Reduction 34 For Year 1 9% .75% LC003277 - Page 3 of 12 1 For Year 2 8% .667% 2 For Year 3 7% .583% 3 For Year 4 7% .583% 4 For Year 5 7% .583% 5 (iv) Notwithstanding any other provisions of section § 16-16-12(c), a teacher who has 6 completed ten (10) or more years of contributory service as of June 30, 2012, may elect to retire at 7 his or her eligible retirement date as determined under subsections (a) and (b) above provided that 8 a teacher making an election under this paragraph shall receive the teacher’s retirement benefit 9 determined and calculated based on the teacher’s service and average compensation as of June 30, 10 2012. This provision shall be interpreted and administered in a manner to protect a teacher’s 11 accrued benefit on June 30, 2012. 12 (d) (i) Notwithstanding any other provisions of subsection (c) above, effective July 1, 2015, 13 teachers in active service shall be eligible to retire upon the earlier of: 14 (A) The attainment of at least age sixty-five (65) and the completion of at least thirty (30) 15 years of total service, or the attainment of at least age sixty-four (64) and the completion of at least 16 thirty-one (31) years of total service, or the attainment of at least age sixty-three (63) and the 17 completion of at least thirty-two (32) years of total service, or the attainment of at least age sixty- 18 two (62) and the completion of at least thirty-three (33) years of total service; or 19 (B) The teacher’s retirement eligibility date under subsections (c)(i) or (c)(ii) above. 20 (ii) Notwithstanding any other provisions of subsection (c) or subsection (d)(i) of this 21 section, commencing July 1, 2026, teachers in active service shall be eligible to retire upon the 22 earlier of: 23 (A) The attainment of at least age sixty-five (65) and the completion of at least twenty- 24 eight (28) years of total service, or the attainment of at least age sixty-four (64) and the completion 25 of at least twenty-nine (29) years of total service, or the attainment of at least age sixty-three (63) 26 and the completion of at least thirty (30) years of total service, or the attainment of at least age 27 sixty-two (62) and the completion of at least thirty-one (31) years of total service; or 28 (B) The teacher's retirement eligibility date under subsections (c)(i) or (c)(ii) of this section. 29 (e) Except as specifically provided in §§ 36-10-9.1, 36-10-12 through 36-10-15, and 45- 30 21-19 through 45-21-22, no member shall be eligible for pension benefits under this chapter unless 31 (i) The member shall have been a contributing member of the employees’ retirement 32 system for at least ten (10) years; or 33 (ii) For teachers in active contributory service on or after July 1, 2012, the teacher shall 34 have been a contributing member of the employees’ retirement system for at least five (5) years. LC003277 - Page 4 of 12 1 (2) Provided, however, a person who has ten (10) years service credit shall be vested; 2 provided that for teachers in active contributory service on or after July 1, 2012, a teacher who has 3 five (5) years of contributory service shall be vested. 4 (3) Furthermore, any past service credits purchased in accordance with § 36-9-38 shall be 5 counted towards vesting. 6 (4) Any person who becomes a member of the employees’ retirement system pursuant to 7 § 45-21-8 shall be considered a contributing member for the purpose of chapter 21 of title 45 and 8 this chapter. 9 (5) Notwithstanding any other provision of law, no more than five (5) years of service 10 credit may be purchased by a member of the system. The five (5) year limit shall not apply to any 11 purchases made prior to January 1, 1995. A member who has purchased more than five (5) years 12 of service credit before January 1, 1995, shall be permitted to apply the purchases towards the 13 member’s service retirement. However, no further purchase will be permitted. 14 (6) Notwithstanding any other provision of law, effective July 1, 2012, except for purchases 15 under §§ 16-16-7.1, 36-5-3, 36-9-31, 36-10-10.4, and 45-21-53: 16 (i) For service purchases for time periods prior to a teacher’s initial date of hire, the 17 purchase must be made within three (3) years of the teacher’s initial date of hire; and 18 (ii) For service purchases for time periods for official periods of leave as authorized by 19 law, the purchase must be made within three (3) years of the time the official leave was concluded 20 by the teacher. Notwithstanding paragraphs (i) and (ii) above, service purchases from time periods 21 prior to June 30, 2012, may be made on or prior to June 30, 2015. 22 (f) No member of the teachers’ retirement system shall be permitted to purchase service 23 credits for casual or seasonal employment, for employment as a temporary or emergency employee, 24 a page in the general assembly, or for employment at any state college or university while the 25 employee is a student or graduate of the college or university. 26 (g) Except as specifically provided in §§ 16-16-6.2 and 16-16-6.4, a member shall not 27 receive service credit in this retirement system for any year or portion of a year which counts as 28 service credit in any other retirement system in which the member is vested or from which the 29 member is receiving a pension and/or any annual payment for life. This subsection shall not apply 30 to any payments received pursuant to the federal Social Security Act, 42 U.S.C. § 301 et seq. 31 (h) A member who seeks to purchase or receive service credit in this retirement system 32 shall have the affirmative duty to disclose to the retirement board whether or not he or she is a 33 vested member in any other retirement system and/or is receiving a pension, retirement allowance, 34 or any annual payment for life. The retirement board shall have the right to investigate as to whether LC003277 - Page 5 of 12 1 or not the member has utilized the same time of service for credit in any other retirement system. 2 The member has an affirmative duty to cooperate with the retirement board including, by way of 3 illustration and not by way of limitation, the duty to furnish or have furnished to the retirement 4 board any relevant information that is protected by any privacy act. 5 (i) A member who fails to cooperate with the retirement board shall not have the time of 6 service credit counted toward total service credit until the time the member cooperates with the 7 retirement board and until the time the retirement board determines the validity of the service credit. 8 (j) A member who knowingly makes a false statement to the retirement board regarding 9 service time or credit shall not be entitled to a retirement allowance and is entitled only to the return 10 of his or her contributions without interest. 11 SECTION 2. Section 36-10-9 of the General Laws in Chapter 36-10 entitled "Retirement 12 System — Contributions and Benefits" is hereby amended to read as follows: 13 36-10-9. Retirement on service allowance — In general. 14 Retirement of a member on a service retirement allowance shall be made by the retirement 15 board as follows: 16 (1)(a)(i) Any member may retire upon his or her written application to the retirement board 17 as of the first day of the calendar month in which the application was filed; provided, the member 18 was separated from service prior thereto; and further provided, however, that if separation from 19 service occurs during the month in which application is filed, the effective date shall be the first 20 day following that separation from service; and provided further that the member on his or her 21 retirement date attained the age of sixty (60) and completed at least ten (10) years of contributory 22 service on or before July 1, 2005, or who, regardless of age, has completed twenty-eight (28) years 23 of total service and has completed at least ten (10) years of contributory service on or before July 24 1, 2005, and who retire before October 1, 2009, or are eligible to retire as of September 30, 2009. 25 (ii) For members who become eligible to retire on or after October 1, 2009, and prior to 26 July 1, 2012, benefits are available to members who have attained the age of sixty-two (62) and 27 completed at least ten (10) years of contributory service. For members in service as of October 1, 28 2009, who were not eligible to retire as of September 30, 2009, but become eligible to retire prior 29 to July 1, 2012, the minimum retirement age of sixty-two (62) will be adjusted downward in 30 proportion to the amount of service the member has earned as of September 30, 2009. The 31 proportional formula shall work as follows: 32 (1) The formula shall determine the first age of retirement eligibility under the laws in 33 effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 34 sixty-two (62). LC003277 - Page 6 of 12 1 (2) The formula shall then take the member’s total service credit as of September 30, 2009, 2 as the numerator and the years of service credit determined under (1) as the denominator. 3 (3) The fraction determined in (2) shall then be multiplied by the age difference determined 4 in (1) to apply a reduction in years from age sixty-two (62). 5 (b)(i) Any member, who has not completed at least ten (10) years of contributory service 6 on or before July 1, 2005, may retire upon his or her written application to the retirement board as 7 of the first day of the calendar month in which the application was filed; provided, the member was 8 separated from service prior thereto; and further provided, however, that if separation from service 9 occurs during the month in which application is filed, the effective date shall be the first day 10 following that separation from service; provided, the member or his or her retirement date had 11 attained the age of fifty-nine (59) and had completed at least twenty-nine (29) years of total service 12 or provided that the member on his or her retirement date had attained the age of sixty-five (65) 13 and had completed at least ten (10) years of contributory service; or provided, that the member on 14 his or her retirement date had attained the age of fifty-five (55) and had completed twenty (20) 15 years of total service provided, that the retirement allowance, as determined according to the 16 formula in § 36-10-10 is reduced actuarially for each month that the age of the member is less than 17 sixty-five (65) years, and who retire before October 1, 2009, or are eligible to retire as of September 18 30, 2009. 19 (ii) For members who become eligible to retire on or after October 1, 2009 and prior to 20 July 1, 2012, benefits are available to members who have attained the age of sixty-two (62) and 21 completed at least twenty-nine (29) years of total service or have attained the age of sixty-five (65) 22 and completed at least ten (10) years of contributory service. For members in service as of October 23 1, 2009, who were not eligible to retire as of September 30, 2009, but become eligible to retire prior 24 to July 1, 2012, who have a minimum retirement age of sixty-two (62), the retirement age will be 25 adjusted downward in proportion to the amount of service the member has earned as of September 26 30, 2009. The proportional formula shall work as follows: 27 (1) The formula shall determine the first age of retirement eligibility under the laws in 28 effect on September 30, 2009, which shall then be subtracted from the minimum retirement age of 29 sixty-two (62). 30 (2) The formula shall then take the member’s total service credit as of September 30, 2009, 31 as the numerator and the years of service credit determined under (1) as the denominator. 32 (3) The fraction determined in (2) above shall then be multiplied by the age difference 33 determined in (1) to apply a reduction in years from age sixty-two (62). 34 (c) Effective July 1, 2012, the following shall apply to all members not eligible to retire LC003277 - Page 7 of 12 1 prior to July 1, 2012: 2 (i) A member with contributory service on or after July 1, 2012, shall be eligible to retire 3 upon the completion of at least five (5) years of contributory service and attainment of the member’s 4 Social Security retirement age. 5 (ii) For members with five (5) or more years of contributory service as of June 30, 2012, 6 with contributory service on and after July 1, 2012, who have a retirement age of Social Security 7 Retirement Age, the retirement age will be adjusted downward in proportion to the amount of 8 service the member has earned as of June 30, 2012, but in no event shall a member’s retirement 9 age under this subparagraph (ii) be prior to the attainment of age fifty-nine (59) or prior to the 10 member’s retirement age determined under the laws in effect on June 30, 2012. The proportional 11 formula shall work as follows: 12 (1) The formula shall determine the first age of retirement eligibility under the laws in 13 effect on June 30, 2012, which shall then be subtracted from Social Security retirement age; 14 (2) The formula shall then take the member’s total service credit as of June 30, 2012, as 15 the numerator and the projected service at retirement age in effect on June 30, 2012, as the 16 denominator; 17 (3) The fraction determined in (2) shall then be multiplied by the age difference determined 18 in (1) to apply a reduction in years from Social Security retirement age. 19 (iii) Effective July 1, 2015, a member who has completed twenty (20) or more years of 20 total service and who has attained an age within five (5) years of the eligible retirement age under 21 subparagraphs (c)(i) or (c)(ii) above or subsection (d) below, may elect to retire provided that the 22 retirement allowance shall be reduced actuarially for each month that the age of the member is less 23 than the eligible retirement age under subparagraphs (c)(i) or (c)(ii) above or subsection (d) below 24 in accordance with the following table: 25 Year Preceding Retirement Cumulative Annual Reduction Cumulative Monthly 26 Reduction 27 For Year 1 9% .75% 28 For Year 2 8% .667% 29 For Year 3 7% .583% 30 For Year 4 7% .583% 31 For Year 5 7% .583% 32 (iv) Notwithstanding any other provisions of section 36-10-9(c), a member who has 33 completed ten (10) or more years of contributory service as of June 30, 2012, may elect to retire at 34 his or her eligible retirement date as determined under paragraphs (1)(a) and (1)(b) above provided LC003277 - Page 8 of 12 1 that a member making an election under this paragraph shall receive the member’s retirement 2 benefit determined and calculated based on the member’s service and average compensation as of 3 June 30, 2012. This provision shall be interpreted and administered in a manner to protect a 4 member’s accrued benefit on June 30, 2012. 5 (d) (i) Notwithstanding any other provisions of subsection (c) above, effective July 1, 2015, 6 members in active service shall be eligible to retire upon the earlier of: (A) The attainment of at 7 least age sixty-five (65) and the completion of at least thirty (30) years of total service, or the 8 attainment of at least age sixty-four (64) and the completion of at least thirty-one (31) years of total 9 service, or the attainment of at least age sixty-three (63) and the completion of at least thirty-two 10 (32) years of total service, or the attainment of at least age sixty-two (62) and the completion of at 11 least thirty-three (33) years of total service; or (B) The member’s retirement eligibility date under 12 subsections (c)(i) or (c)(ii) above. 13 (ii) Notwithstanding any other provisions of subsection (c) or subsection (d)(i) of this 14 section, commencing July 1, 2026, teachers in active service shall be eligible to retire upon the 15 earlier of: 16 (A) The attainment of at least age sixty-five (65) and the completion of at least twenty- 17 eight (28) years of total service, or the attainment of at least age sixty-four (64) and the completion 18 of at least twenty-nine (29) years of total service, or the attainment of at least age sixty-three (63) 19 and the completion of at least thirty (30) years of total service, or the attainment of at least age 20 sixty-two (62) and the completion of at least thirty-one (31) years of total service; or 21 (B) The teacher's retirement eligibility date under subsections (c)(i) or (c)(ii) of this 22 section. 23 (2) Any faculty employee at a public institution of higher education under the jurisdiction 24 of the council on postsecondary education shall not be involuntarily retired upon attaining the age 25 of seventy (70) years. 26 (3)(i) Except as specifically provided in § 36-10-9.1, §§ 36-10-12 — 36-10-15, and §§ 45- 27 21-19 — 45-21-22, (I) On or prior to June 30, 2012 no member shall be eligible for pension benefits 28 under this chapter unless the member shall have been a contributing member of the employee’s 29 retirement system for at least ten (10) years, or (II) For members in active contributory service on 30 or after July 1, 2012, the member shall have been a contributing member of the retirement system 31 for at least five (5) years. 32 (ii) Provided, however, a person who has ten (10) years service credit on or before June 16, 33 1991, shall be vested. 34 (iii) Furthermore, any past service credits purchased in accordance with § 36-9-38 shall be LC003277 - Page 9 of 12 1 counted towards vesting. 2 (iv) Any person who becomes a member of the employees’ retirement system pursuant to 3 § 45-21-4 shall be considered a contributing member for the purpose of chapter 21 of title 45 and 4 this chapter. 5 (v) Notwithstanding any other provision of law, no more than five (5) years of service 6 credit may be purchased by a member of the system. The five (5) year limit shall not apply to any 7 purchases made prior to January 1, 1995. A member who has purchased more than five (5) years 8 of service credits before January 1, 1995, shall be permitted to apply those purchases towards the 9 member’s service retirement. However, no further purchase will be permitted. Repayment in 10 accordance with applicable law and regulation of any contribution previously withdrawn from the 11 system shall not be deemed a purchase of service credit. 12 (vi) Notwithstanding any other provision of law, effective July 1, 2012, except for 13 purchases under §§ 16-16-7.1, 36-5-3, 36-9-31, 36-10-10.4, and 45-21-53, (A) For service 14 purchases for time periods prior to a member’s initial date of hire, the purchase must be made 15 within three (3) years of the member’s initial date of hire, (B) For service purchases for time periods 16 for official periods of leave as authorized by law, the purchase must be made within three (3) years 17 of the time the official leave was concluded by the member. Notwithstanding the preceding 18 sentence, service purchases from time periods prior to June 30, 2012, may be made on or prior to 19 June 30, 2015. 20 (4) No member of the employees’ retirement system shall be permitted to purchase service 21 credits for casual, seasonal, or temporary employment, or emergency appointment, for employment 22 as a page in the general assembly, or for employment at any state college or university while the 23 employee is a student or graduate assistant of the college or university. 24 (5) Except as specifically provided in §§ 16-16-6.2 and 16-16-6.4, a member shall not 25 receive service credit in this retirement system for any year or portion of it, which counts as service 26 credit in any other retirement system in which the member is vested or from which the member is 27 receiving a pension and/or any annual payment for life. This subsection shall not apply to any 28 payments received pursuant to the federal Social Security Act or to payments from a military 29 pension earned prior to participation in state or municipal employment, or to military service credits 30 earned prior to participation in state or municipal employment. 31 (6) A member who seeks to purchase or receive service credit in this retirement system 32 shall have the affirmative duty to disclose to the retirement board whether or not he or she is a 33 vested member in any other retirement system and/or is receiving a pension, retirement allowance, 34 or any annual payment for life. The retirement board shall have the right to investigate as to whether LC003277 - Page 10 of 12 1 or not the member has utilized the same time of service for credit in any other retirement system. 2 The member has an affirmative duty to cooperate with the retirement board including, by way of 3 illustration and not by way of limitations the duty to furnish or have furnished to the retirement 4 board any relevant information which is protected by any privacy act. 5 (7) A member who fails to cooperate with the retirement board shall not have the time of 6 service counted toward total service credit until such time as the member cooperates with the 7 retirement board and until such time as the retirement board determines the validity of the service 8 credit. 9 (8) A member who knowingly makes a false statement to the retirement board regarding 10 service time or credit shall not be entitled to a retirement allowance and is entitled only to the return 11 of his or her contributions without interest. 12 SECTION 3. This act shall take effect upon passage. ======== LC003277 ======== LC003277 - Page 11 of 12 EXPLANATION BY THE LEGISLATIVE COUNCIL OF A N A C T RELATING TO EDUCATION -- TEACHERS' RETIREMENT *** 1 This act would allow teachers to retire earlier upon what would be referred to as a Rule of 2 93, rather than the existing Rule of 95 under present state statutes under the following formula: 3 Upon reaching the age of at least sixty-five (65) and completing at least twenty-eight (28) 4 years of total service; or 5 Upon reaching the age of at least sixty-four (64) and completing at least twenty-nine (29) 6 years of total service; or 7 Upon reaching the age of at least sixty-three (63) and completing at least thirty (30) years of 8 total service; or 9 Upon reaching the age of at least sixty-two (62) and completing at least thirty-one (31) years 10 of total service. 11 This act would take effect upon passage. ======== LC003277 ======== LC003277 - Page 12 of 12