Reinstates annual cost of living adjustments for teachers and state employees who retired after July 1, 2012, for retirement plan year 2026.

The bill reinstates the annual cost of living adjustment (COLA) for all teachers and state employees who retired after July 1, 2012, for the 2026 retirement plan year. It also provides a one-time COLA of 2.89% for municipal employees. The bill ensures that public petition benefits from the state retirement system are not subject to the state personal income tax. This act takes effect upon passage.

Reinstates annual cost of living adjustments for teachers and state employees who retired after July 1, 2012, for retirement plan year 2026.

The bill reinstates the annual cost of living adjustment (COLA) for all teachers and state employees who retired after July 1, 2012, for the 2026 retirement plan year. It also provides a one-time COLA of 2.89% for municipal employees. The bill ensures that public petition benefits from the state retirement system are not subject to the state personal income tax. This act takes effect upon passage.