Bill > S1638

This bill aims to provide fair and affordable public retiree benefits. The key provisions include: 1. Increasing the annual cost-of-living adjustment (COLA) limit for public retirees from $13,000 to $18,000, effective July 1, 2023. 2. Tying the COLA limit to 65% of the maximum Social Security benefit for an individual worker retiring at full retirement age, with incremental increases to 75%, 85%, and ultimately 100% by July 1, 2041. 3. Prohibiting any reduction in the percentage of a governmental unit's contributions to health premiums for retired employees after January 1, 2023 from applying to individuals who retire before the change takes effect. 4. Capping the maximum out-of-pocket costs for covered services under a group health insurance plan for retired public employees over 65 and not eligible for Medicare at $2,500 for individual coverage and $5,000 for family coverage. The bill aims to provide more fair and affordable public retiree benefits by increasing the COLA limit, tying it to a percentage of the maximum Social Security benefit, protecting existing retiree health benefits, and capping out-of-pocket costs for non-Medicare eligible retirees.

Labor and Employment

https://malegislature.gov/Bills/193/S1638