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05/21/2024 01:55 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=41313
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Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: August 24, 2023 04:01 PM
From: Senator Katie J. Muth and Sen. John I. Kane
To: All Senate members
Subject: COLAs for Pre-Act 9 SERS and PSERS Retirees (HB 1415 Companion)
 
In the near future, we will introduce several bills that would provide a much-needed and long-overdue cost-of-living adjustment (COLA) for Pennsylvania’s retired school employees and our retired state workers. This approach will give the legislature several options to finally deliver a COLA to retired teachers, school employees, and government workers across our Commonwealth who worked their entire lives and contributed so much to our communities.
 
This bill is a companion bill to House Bill 1415 introduced by Rep. Daniel Deasy and would provide supplemental annuities, or COLAs, for PSERS and SERS annuitants who retired prior to July 2, 2001. These retirees, often referred to as Pre-Act 9 retirees, have not received an increase in their pension payments in more than 20 years. Under this bill, the supplemental annuity would range from an increase of 10% to 20% depending on the date of retirement. Our bill also clearly indicates in Title 24 (Education) that the annuity increases prescribed by this law must be paid for by Commonwealth funds and not by school districts.
 
We believe that everyone deserves to live and to retire with dignity and financial security and it is time that our legislature stands up for our retirees.
 
Please join us in cosponsoring this important legislation.



Introduced as SB951