Bill > HB336

This bill provides a one-time two percent cost-of-living adjustment (COLA) for retired state employees in Kentucky, specifically targeting three different retirement systems. The bill appropriates $224 million for nonhazardous state employees, $17 million for hazardous duty state employees, and $16 million for State Police retirement system recipients, all to be drawn from the Budget Reserve Trust Fund Account in fiscal year 2025-2026. The cost-of-living increase will be effective July 1, 2025, and is particularly significant because these retirement systems have not received a COLA since fiscal year 2011-2012. The bill includes an emergency declaration, which means it will take effect immediately upon passage and approval by the Governor. By providing this adjustment, the legislation aims to help retired state employees cope with inflation and rising living costs, acknowledging the long period without a previous increase in retirement benefits.

Budget and Finance

https://apps.legislature.ky.gov/record/25RS/hb336.html