RPEC Weekly NewsFlash, January 26, 2024

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Retiree Priorities Make Progress & Concessions

On Thursday, January 25, the House Appropriations Committee unanimously passed House Bill (HB) 1985, providing a one-time 3% cost-of-living adjustment (COLA) for Plan 1 retirees. However, citing a tight budget, the committee amended the bill to reduce the maximum monthly benefit from $125 to $110. Under the $110 cap, 84% of eligible Plan 1 retirees get a full 3% COLA, where 92% of eligible retirees would receive a full 3% under the $125 cap.

PERS 1 & and TRS 1 (referred to collectively as Plan 1) are the only pension plans managed by…

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