Increases retirement allowances for state retirees by 2% for certain periods in 2025.
Increases the retirement allowances for beneficiaries of the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, and the Legislative Retirement System by 2% for those who retired before July 1, 2024, and by a prorated amount for those who retired between July 1, 2024, and June 30, 2025. Appropriates $106,200,000 from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2025-2026 fiscal year to implement these changes. The act becomes effective July 1, 2025.
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