Cost of living adjustment bill clears another hurdle
02/18/2015

 

House Ways and Means Committee passed out a COLA bill, HB 1481, Wednesday by a vote of 21 – 0  that contemplates a 1 percent increase to the base in FY 2016 for certain retirees and a 1.7 percent increase in FY 2017.  

 

For TRF new hire members, the bill also includes an option at the member's request to participate in a defined contribution plan only (same as what PERF currently has which would be like a 401k plan throughout one's career) instead of the current defined benefit pension that the state provides.

 

The bill now moves to the full House for a vote as early as next week.