An Act relative to the cost of living adjustment for state and teacher retirees and certain long term career public retirees
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to increase the cost of living adjustments (COLAs) for state and teacher retirees, as well as certain long-term career public retirees. It aims to provide a more equitable and up-to-date adjustment to pensions to help retirees maintain their purchasing power. The bill is currently undergoing study by the Public Service committee.
Key provisions
- Increase cost of living adjustments for state and teacher retirees.
- Extend COLAs to certain long-term career public retirees.
- Addresses current COLA formulas used for retiree pensions.
- Requires a study of the current COLA system.
- Potentially adjusts the methodology for calculating COLAs.
- Considers the impact on the state budget.
- Aligns retiree benefits with inflation.
- Expands the scope of retirees eligible for COLAs
Who is affected
- State Retirees
- Teacher Retirees
- Long-Term Career Public Retirees
- Pension Benefit Recipients
- The Commonwealth’s Pension System
Notable changes
- Potentially modifies the existing COLA formula.
- May expand the categories of retirees eligible for COLAs.
- Could impact the state’s budget due to increased pension payments.
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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