Reinstates automatic COLAs for retired TPAF members who accepted early retirement incentives before 2011.
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.
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