Cost-of-Living Adjustment State Retirees Passes House

Cost-of-Living Adjustment State Retirees Passes House

The House this week passed legislation that would grant a cost-of-living adjustment (COLA) to state retirees in six of the state’s pension plans.

House Bill 3350 passed 99-0. The measure would grant a 4% COLA to any state pensioner that has been retired for five years or more as of July 1 this year and a 2% COLA to those retired at least two years but not five.

The House ran similar legislation last year, but it was not picked up by the state Senate. This year, a number of senators have signed on as co-authors of this bill. That gives me hope it will make it through that chamber and to the governor’s desk to be signed into law.

It has been 12 years since state retirees received a COLA. Meanwhile, health care and other living expenses have risen in cost. It is time to give those who’ve dedicated years of their life to the state — our firefighters, police officers, teachers and other state employees — this much needed raise.

 

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