MA S1487

Bill

Relative to the cost of living adjustment for state and teacher retirees

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation relative to the cost of living adjustment for state and teacher retirees. Public Service.

AI Summary

This bill proposes to increase the cost of living adjustment (COLA) for state and teacher retirees in Massachusetts. Specifically, it would raise the COLA base amount from $13,000 to $14,000 in fiscal year 2021, $15,000 in fiscal year 2022, and $16,000 in fiscal year 2023. Additionally, it requires the Pension Reserves Investment Management (PRIM) board to file an annual report with the state legislature on the average rate of return on investments over the previous two years. If the report finds that the average rate of return exceeds the assumed rate by 2% or more, the legislature will then determine if a further increase to the COLA base amount is appropriate.

Committee Categories

Labor and Employment

Sponsors (25)

Michael Brady (D), Dan Cahill (D), Tackey Chan (D), Jo Comerford (D), Brendan Crighton (D), Paul Feeney (D), Mike Finn (D), Colleen Garry (D), Anne Gobi (D), Carlos González (D), Natalie Higgins (D), Jack Lewis (D), Joe McGonagle (D), Frank Moran (D), Matt Muratore (R), Brian Murray (D), Harold Naughton (D), Patrick O'Connor (R), Dave Robertson (D), Mike Soter (R), Tom Stanley (D), Bruce Tarr (R), Paul Tucker (D), Steve Ultrino (D), Bud Williams (D),

Last Action

Accompanied a new draft, see S2798 (on 07/02/2020)

Official Document

https://malegislature.gov/Bills/191/S1487

(10 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S1487
Bill	https://malegislature.gov/Bills/191/S1487.pdf

Bill	Bill Name	Last Action	Type
H2158	Relative to cost of living adjustments for retired public employees of the Commonwealth	Accompanied a study order, see H4722	Similar To
H2203	Increasing the minimum pension for public retirees	Accompanied a study order, see H4722	Similar To
H2232	To provide fair and affordable public retiree benefits	Accompanied a study order, see H4722	Similar To
H2326	Relative to retirees of the department of corrections	Accompanied a study order, see H4722	Similar To
S1503	Relative to the veteran allowance for public retirees	Accompanied H2346	Similar To
S1523	Relative to protecting local retirees	Accompanied H2321	Similar To
S1533	Relative to retirement options for retirees	Accompanied a study order, see S2545	Similar To
S1536	Relative to the annual allowance for certain survivors of public retirees and employees	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1578	Relative to post-retirement earnings of public retirees	Accompanied a study order, see S2545	Similar To
S2798	Relative to the cost of living adjustment for state and teacher retirees	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Replaced by

Bill > S1487

MA S1487

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (25)

Last Action

Official Document

bill text

bill summary

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