Reinstates automatic COLAs for retirement benefits of certain PFRS members.

The bill reinstates automatic cost-of-living adjustments (COLAs) for annual pension, ordinary disability pension, or 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. The bill excludes members hired more than 30 days following the effective date of the bill, those in deferred retirement, and those who retired with 20 or more years of service but less than 25 years of service.

Reinstates automatic COLAs for retirement benefits of certain PFRS members.

The bill reinstates automatic cost-of-living adjustments (COLAs) for annual pension, ordinary disability pension, or 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. The bill excludes members hired more than 30 days following the effective date of the bill, those in deferred retirement, and those who retired with 20 or more years of service but less than 25 years of service.