There shall be a session of the general assembly at Providence commencing on the first Tuesday of January in each year. Commencing in January 1995, senators and representatives shall be compensated at an annual rate of ten thousand dollars ($10,000). Commencing in 1996, the rate of compensation shall be adjusted annually to reflect changes in the cost of living, as determined by the United States government, during a twelve (12) month period ending in the immediately preceding year. Commencing in 2003, the president of the senate and the speaker of the house shall be compensated at an annual rate double that of other senators and representatives.

Senators and representatives shall receive the same health insurance benefits as full-time state employees.

Senators and representatives shall be reimbursed for traveling expenses in going to and from the general assembly at the same mileage paid to state workers as of the 31st day of December in the year preceding each session.

No senator or representative shall be eligible for any pension on account of service in the general assembly after 1994; provided, however, that those senators and representatives first elected before 1994 who elect to receive compensation for legislative service in 1995 and thereafter, at the rate of five dollars ($5.00) for every day of actual attendance and eight cents (.08) per mile for traveling expenses in going to and returning from the general assembly, for a maximum of sixty (60) days in any calendar year, shall be eligible for a pension on account of service in the general assembly after 1994. The amount of such pension shall be based upon the pension program in effect for legislators on January 1, 1994.

The general assembly shall regulate the compensation of the governor and of all other officers, subject to limitations contained in the Constitution.