Providing a cost-of-living adjustment for plan 1 retirees of the teachers' retirement system and public employees' retirement system.

Summary

The law adds modest annual COLA increases to monthly pensions for Plan 1 beneficiaries who were receiving benefits on specific July dates between 2017 and 2025. Increases are either 1.5% (capped at $62.50) or 3% (capped at $110), depending on the cohort. The act itself takes effect on July 1 2026.

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