Bill > S1375

This bill aims to increase the base amount used for calculating cost-of-living adjustments (COLAs) for public service pensions. Specifically, it extends the deadline for certain funding schedules related to COLAs from June 30, 2025, to June 30, 2028, and allows retirement system boards to elect to pay COLAs on a base amount greater than $12,000, up to $16,000, with approval from their respective legislative bodies. This change, once accepted, cannot be revoked and requires the retirement system to develop a funding schedule, approved by the commission, to eliminate any unfunded actuarial liability related to these increased COLAs by a year subsequent to June 30, 2028. The bill also clarifies that the provisions related to the increased COLA base will take effect for adjustments made starting July 1, 2011.