SCPP Proposal for Plan 1 COLA

On November 16^th, the Select Committee on Pension Policy (SCPP) voted to recommend a proposal for a one-time 3% increase for Plan 1 retirees with cap of $110 per month. This would provide an increase of 3% to all Plan 1 retirees with pensions of $44,000 per year or less. Those with pensions larger than $44,000 would receive the cap amount of $110 per month in increase. The proposal will now be introduced to the Legislature in January.

RPEC and our retiree allies had requested a bill to provide a yearly, permanent 3% COLA similar to what retirees…