Bill > SB1029

This bill amends Titles 24 (Education) and 71 (State Government) of the Pennsylvania Consolidated Statutes to provide for supplemental annuities commencing in 2023 and 2024. The 2023 supplemental annuity is a percentage of the monthly annuity payment based on the recipient's most recent effective date of retirement, with the percentage ranging from 4.5% to 14%. The 2024 supplemental annuity is an annual adjustment based on the average percentage increase in the Consumer Price Index for the region, with a cap of 7% and a minimum of 1%. The additional liability for these increases is to be funded by the Commonwealth over a 10-year period, with no liability for school districts or other local entities. The eligibility for these supplemental annuities is limited to certain retirees whose credited service does not include certain classes of service.