|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