Referred to Committee
March 22, 2013
March 21, 2013(Key vote)
Title: Establishes Cost of Living Adjustments in Pensions
Vote Smart's Synopsis:
Vote to pass a bill that establishes an automatic annual increase in retirement payments and specifies when they come into effect.
Establishes the automatic annual increase in retirement payments as the lesser of $750 or 3 percent of a Tier I retiree’s pension (Sec. 4).
Defines “Tier I retiree” as a public employee hired before January 1, 2011 who is now receiving retirement payments (Sec. 4).
Requires a Tier I retiree to receive the automatic annual increase in retirement payments on the January 1 after the retiree attains age 67 or after 5 years of retirement, whichever is earlier (Sec. 4).