PERA COST-OF-LIVING ADJUSTMENTS

Summary

The bill rewrites a section of the Public Employees Retirement Act so that qualified retirees receive cost‑of‑living increases equal to the Social Security and Supplemental Security Income COLA each year. It applies to retirees who meet specific service‑time or age criteria and lets them opt out of the increase. The measure also earmarks $50 million from the general fund to pay for these adjustments.

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