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Published on Saturday, January 20, 2018

Senate Ways & Means to hear three bills on PERS 1 COLA increases

The three major bills that would create a Cost-of-Living-Adjustment (COLA) for TRS 1 and PERS 1 retirees will be heard this week. On Tuesday, January 23 at 3:30 pm, the Senate Ways & Means Committee will hear SB 6290, SB 6305, and SB 6340.

  • SB 6340 provides a one-time, permanent increase of three percent subject to a cap on the increased benefit of $750.
  • SB 6290 provides a one-time, permanent increase of three percent with no increase cap.
  • SB 6305 provides a one-time, permanent increase of three percent subject to a cap on the increased benefit of $750. The bill also provides a prescription drug subsidy for individuals who select a Medicare supplemental insurance policy.

AWC will oppose these bills because they create substantial costs for employers and no funding mechanism is provided.

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