Reinstates automatic COLAs for retirement benefits of certain PFRS members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for annual pension, ordinary disability pension, and accidental disability pension retirement benefits for certain members of the Police and Firemen’s Retirement System (PFRS). The COLAs apply to members who have been retired and receiving retirement benefits for a minimum of ten years. Members hired more than 30 days following the effective date of this act will not be eligible for COLAs.

Reinstates automatic COLAs for retirement benefits of certain PFRS members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for annual pension, ordinary disability pension, and accidental disability pension retirement benefits for certain members of the Police and Firemen’s Retirement System (PFRS). The COLAs apply to members who have been retired and receiving retirement benefits for a minimum of ten years. Members hired more than 30 days following the effective date of this act will not be eligible for COLAs.