Reinstates COLAs for retirement benefits of retired PFRS members.
This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits of retired Police and Firemen’s Retirement System (PFRS) members. Under current law, automatic annual adjustments for current and future retirees and beneficiaries of PFRS are suspended until the actuary certifies such benefit enhancement will not result in an increased employer contribution and will not impact the long term viability of the fund.
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