Increases cost-of-living adjustments for public retirees, allowing up to 5% increase.

This bill increases the maximum allowable upper limit on the percentage used to compute the cost-of-living adjustment (COLA) for eligible retired members. The upper-limit cap on the annual COLA percentage would be increased from its current three percent to five percent. The minimum COLA percentage remains one percent. The annual COLA percentage remains equal to fifty percent of the increase in the annual March-to-March Consumer Price Index (CPI). This benefit improvement would be effective September 1, 2028.

Increases cost-of-living adjustments for public retirees, allowing up to 5% increase.

This bill increases the maximum allowable upper limit on the percentage used to compute the cost-of-living adjustment (COLA) for eligible retired members. The upper-limit cap on the annual COLA percentage would be increased from its current three percent to five percent. The minimum COLA percentage remains one percent. The annual COLA percentage remains equal to fifty percent of the increase in the annual March-to-March Consumer Price Index (CPI). This benefit improvement would be effective September 1, 2028.