Session News #16: Senate retirement advances cost-of-living increase bill

Jun 1, 2015

The Senate Retirement Committee today favorably reported House Bill 42 (Rep. Jones) as amended. HB 42 would provide a permanent benefit increase (also known as a COLA) to eligible retirees of the four state retirement systems. 

The COLA for eligible TRSL retirees would be 1.5%. The committee’s amendments do not allow funds to be set aside for COLAs from this year’s investment earnings. Therefore, no COLA should be anticipated in 2016. Other amendments make actuarial changes with the purpose of ensuring the soundness of the system and addressing any impact on employer contribution rates. 

The legislation now heads to the full Senate for consideration. 

To view a comprehensive list of all legislation affecting TRSL this session, visit the Legislation page of TRSL’s website.