Posted: | May 7, 2013 10:40 AM |
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From: | Representative Bernie O'Neill |
To: | All House members |
Subject: | Automatic Annual COLA for School Retirees |
I plan to re- introduce legislation to provide for an automatic annual COLA (Cost–of-living-adjustment) for school retirees. This COLA would be in addition to any COLA previously granted by the General Assembly. As well as providing the formula that would determine the value of the account from which such COLAs would be drawn, the bill makes the liability for such additional benefits subject to amortization over a twenty-year period of time, rather than 10 years. New COLAs would be valued at the lesser of the CPI-U for the Mid-Atlantic region or 3%. COLAs would begin automatically on July 1, 2014 (unless otherwise requested by the annuitant). Contributions to offset the liability of this benefit would begin with the 2013-14 fiscal year. I hope you will join me again as a co-sponsor of this legislation. If you have any questions please contact Connie McClure in my Harrisburg office at 717-705-7170 or by e-mailing cmcclure@pahousegop.com. Thank you for your consideration and support of this very important piece of legislation. |
Introduced as HB1518