Bill > HB338

This bill proposes a four percent cost-of-living increase to the monthly retirement benefits for eligible state and local retirees, with a minimum increase of fifteen dollars per month, starting October 1, 2026, for those who retired before October 1, 2025. The bill outlines different provisions for retirees whose employers are part of the Employees' Retirement System (ERS) and those whose employers are not, with local employers having the option to elect to cover these increases and bear the associated costs. Importantly, the bill specifies that these increases are contingent upon legislative appropriation and will not be provided if the required funding is not included in the State General Fund appropriation act for each fiscal year. Additionally, individuals whose eligibility for Medicaid benefits would be negatively impacted by this cost-of-living increase will not receive it.

Budget and Finance

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