Bill > HCR030

This Concurrent Resolution states the findings of the Idaho Legislature regarding the Public Employees Retirement System of Idaho (PERSI) and amends a cost of living adjustment (COLA) previously approved by the PERSI board. PERSI is the retirement system for public employees in Idaho. The resolution acknowledges that the PERSI board, due to positive investment returns in 2019, was required to grant a 1.0% mandatory COLA and chose to grant an additional 0.7% discretionary COLA. However, the board also approved four retroactive COLAs from previous fiscal years, which, when combined with the current year's adjustments, significantly increased the total COLA from 1.7% to 6.54%. The Legislature, concerned about the fund's current 92.5% funded status, potential market volatility, and economic uncertainty, believes that protecting the retirement fund is paramount. Therefore, this resolution amends the previously approved retroactive COLAs, reducing their combined impact and ultimately setting the total retroactive COLA to 1.7%, while approving the mandatory 1.0% and discretionary 0.7% COLAs.