Bill > SB5862

This bill provides a cost-of-living adjustment (COLA) for retirees in "plan 1" of the teachers' retirement system and the public employees' retirement system, which are state-run retirement plans. Specifically, it amends existing laws to grant an additional increase to the monthly benefits of these retirees. The bill inserts language that will allow beneficiaries receiving benefits from the teachers' retirement system plan 1 on July 1, 2025, to receive a 3% increase to their monthly benefit, capped at $110.00, effective July 1, 2026. Similarly, beneficiaries of the public employees' retirement system plan 1 on July 1, 2025, will also receive a 3% increase, capped at $110.00, effective July 1, 2026. These adjustments are intended to help retirees keep pace with inflation. The bill also specifies an effective date of July 1, 2026, for these new provisions.