Automatic cost-of-living adjustments reinstated for certain retired TPAF members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits under the "Pension Adjustment Act" for certain retired members of the Teachers' Pension and Annuity Fund (TPAF). The Board of Trustees of the TPAF, in consultation with the actuary of the fund and the State Treasurer, will implement the COLAs. The COLAs will only apply to future pension benefit payments for retired members who received early retirement incentives prior to January 1, 2011. The bill specifies that no retroactive payments will be granted.

Automatic cost-of-living adjustments reinstated for certain retired TPAF members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits under the "Pension Adjustment Act" for certain retired members of the Teachers' Pension and Annuity Fund (TPAF). The Board of Trustees of the TPAF, in consultation with the actuary of the fund and the State Treasurer, will implement the COLAs. The COLAs will only apply to future pension benefit payments for retired members who received early retirement incentives prior to January 1, 2011. The bill specifies that no retroactive payments will be granted.