|December 1, 2022 02:30 PM
|Senator John I. Kane and Sen. Katie J. Muth
|All Senate members
|Providing a COLA to SERS Retirees
|We plan to introduce legislation to provide a COLA to SERS retirees. The Commonwealth of Pennsylvania is home to many hard working, dedicated workers. Pennsylvania state government is a multi-faceted employer that offers job opportunities, fair wages, benefits, and pensions to many workers who provide critical services including, but not limited to maintaining our beautiful state capitol, our wonderful state parks and forests, and our highways and bridges that are patrolled by the brave men and women of the Pennsylvania State Police.
Those that have come before us, helped to create our State Employees’ Retirement System that helps to provide a fair retirement and pension to many Pennsylvanians. We have spoken to many retirees in our Senate Districts who have asked for a retirement COLA. Our hard working and dedicated retired state workers have not received a pension COLA in 20 years. The cost of most goods and services have risen in the past twenty years. Our legislation will provide a COLA to help our state retirees particularly long-time state retirees restore their purchasing power, which will help our economy.
SERS provides retirements payments to 134,360 former Pennsylvania state workers. The average monthly annuity payment is $2,018.88, which means the average retiree receives $24,226.56 per year in pension payments.
Please join us to cosponsor this legislation to help state retirees.
Introduced as SB863