Requires cost of living increase to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PERS, TPAF, PFRS, SPRS, and JRS; makes appropriation.
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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 would provide cost of living increases to certain retired public employees and their beneficiaries who receive monthly payments from several state retirement systems (PERS, TPAF, PFRS, SPRS, and JRS). These increases would be granted if the retiree’s or beneficiary’s current monthly allowance or benefit is at or below 150 percent of the federal poverty level for a household of one. The increases would be applied on January 1, 2023 and January 1, 2024, and the state would be required to appropriate funds to cover these adjustments.
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