Reinstates automatic COLA for retirement benefits of certain members of TPAF.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits of certain members of the Teachers’ Pension and Annuity Fund (TPAF). Specifically, it applies to retired members who received early retirement incentives before January 1, 2011. The bill amends existing state law to allow for these adjustments, reversing a previous law that eliminated them for most retirees. It also establishes a process for the Board of Trustees to manage these adjustments in consultation with the fund’s actuary and the State Treasurer.
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