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Pennsylvania House of Representatives
04/24/2024 12:01 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=24084
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: June 6, 2017 02:33 PM
From: Representative Jim Marshall
To: All House members
Subject: Pre-Act 9 COLA
 

“Pre-Act 9 Retirees” have lost a lot of buying power since they retired before 2002. You may be aware that Act 9 of 2001 provided a retirement benefit enhancement to state and school employees who were actively employed at that time. Thus, the pre-Act 9 retirees missed out on this benefit increase. A pre-Act 9 retiree receives a pension valued at 25% less than the pension of a comparable post-Act 9 retiree.

My legislation will provide a supplemental annuity, or COLA, to pre-Act 9 retirees, who did not receive a portion of his or her benefit as a lump sum, over a five-year period. The percentage rate of the increase will be based on one’s retirement date and greatest for the most long-term retirees.

Please consider co-sponsoring this important legislation.

Introduced as HB1513