Bill > S1808

This bill proposes to enhance cost of living adjustments (COLAs) for certain long-term public retirees by increasing the dollar threshold from $13,000 to $18,000 and adding new provisions for additional benefits based on years of retirement. Specifically, members of the state employee and teacher retirement systems who have been retired for 15 or 20 full years and receive a cost of living increase will be eligible for additional benefits of $100 or $200, respectively, but only if their total annual retirement benefit is less than the system's average annual retirement benefit. These additional benefits also extend to surviving beneficiaries who meet certain criteria, including those who retired with disability benefits. The bill further allows other retirement systems (beyond state employees and teachers) to opt into similar additional COLA benefits through a majority vote of their board and approval by their legislative body. The goal appears to be providing supplemental financial support to long-term public retirees with lower retirement incomes, helping them better cope with increasing living expenses.

Labor and Employment

https://malegislature.gov/Bills/194/S1808