Bill > H2794

This bill increases the cost of living adjustment (COLA) for state and local public retirees by modifying existing retirement law. The bill first raises the dollar threshold from $13,000 to $18,000 in one section. In another section, it adds provisions that provide additional financial benefits to retired public employees based on their years of service and retirement status. Specifically, retirees from the state employee and teacher retirement systems who have 15 or 20 full years of retirement and receive a cost of living increase will be eligible for an extra $100 or $200 benefit, respectively. These additional benefits are only available to retirees whose total annual retirement benefit is below the average annual retirement benefit as determined by their retirement system's most recent actuarial valuation. The bill also extends similar provisions to other public retirement systems, but these additional benefits for other systems require acceptance by a majority vote of the system's board and approval by the relevant legislative body. The bill aims to provide supplemental financial support to long-term public service retirees with lower retirement incomes, helping them better keep pace with increasing living costs.

Labor and Employment

https://malegislature.gov/Bills/194/H2794