Reinstates automatic COLAs for retirement benefits of certain SPRS members.

The 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 State Police Retirement System (SPRS). The COLAs apply to members who have been retired and receiving retirement benefits for a minimum of ten years. The adjustment in eligible members’ pension benefits will be calculated based on an amount up to $75,000 of a retiree’s benefit for the first year following the enactment of this bill.

Reinstates automatic COLAs for retirement benefits of certain SPRS members.

The 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 State Police Retirement System (SPRS). The COLAs apply to members who have been retired and receiving retirement benefits for a minimum of ten years. The adjustment in eligible members’ pension benefits will be calculated based on an amount up to $75,000 of a retiree’s benefit for the first year following the enactment of this bill.