Bill > H2549

This bill amends several sections of Chapter 32 of the Massachusetts General Laws to increase the cost-of-living adjustments (COLA) for retired public employees. Key provisions include: 1. Increasing the base amount for COLA calculations from $13,000 to $16,000. 2. Allowing public retirement systems to accept a provision to pay COLA on a base amount greater than $12,000, with a funding schedule designed to eliminate any unfunded liabilities by 2028 or later. 3. Requiring a minimum 3% COLA increase, even if the Consumer Price Index increase is lower. 4. Establishing a phased approach to limit COLA adjustments for retirees with higher retirement allowances, gradually increasing the base amount from 65% to 100% of the maximum Social Security benefit by 2028. The provisions are intended to provide more robust cost-of-living adjustments for retired public employees in the Commonwealth of Massachusetts.

Labor and Employment

https://malegislature.gov/Bills/192/H2549