On Thursday, March 8, the Legislature passed SSB 6340 which provides a cost of living adjustment (COLA) for retired PERS 1 and TRS 1 plan members.
The bill provides a one-time benefit increase of 1.5 percent with a cap on the increased annual benefit of $750. The increase will become effective on July 1, 2018. State and local government contribution rates would be increased to pay the additional pension benefits.
The Governor has until March 31 to veto or sign the bill into law.