Saturdays issue of The Advocate contained a column on the Opinion page under Our views entitled A new bar for COLAs. The column contains two erroneous pieces of information. The article states that the Permanent Benefit Increase that has been passed by the legislature will be 1.25%. The amount will actually be 1.5%. The article also states that a maximum 3.0% increase could be provided to eligible retirees and beneficiaries when the four state retirement systems reach a funded status of 85%. This provision was amended by the Senate Retirement Committee down to 80% funding. We wanted to clear up any questions this article may have raised regarding the PBI scheduled to begin July 1, 2014 and future PBIs. The bills to provide the 1.5% PBIs for the four state retirement systems have been passed by the legislature and sent to the governor for signature. House Bill No. 1225, about which the article is written, will be considered by the full Senate this week. A link to the article is provided below. theadvocate/news/opinion/9185155-123/our-views-a-new-bar
Posted on: Mon, 19 May 2014 17:54:20 +0000
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