The House Appropriations Committee passed SB 6340 providing a COLA to PERS 1 retirees. The version passed by the House committee provides an increase to the minimum benefits retirees can qualify for in the PERS 1 system. The increase would be provided to individuals that meet the following criteria:
- Have at least 25 years of service credit and have been retired at least 20 years; or
- Have at least 20 years of service credit and have been retired at least 25 years.
The cost of the increased would be paid by PERS employers. The bill is now awaiting floor action.