Committee urges discussion on COLA amid legislative session uncertainties

During the recent Select Committee on Pension Policy meeting held on June 17, 2025, a significant discussion emerged regarding the absence of a Cost of Living Adjustment (COLA) on the agenda. Committee members expressed concern over the lack of attention to COLA, which has been a recurring topic in previous meetings for at least the past four to six years.

One committee member highlighted the importance of COLA for Plan 1 members, noting that many had voiced their concerns about its omission from current discussions. The member urged the committee to reconsider the inclusion of COLA in their agenda, especially in light of ongoing legislative efforts, such as Senate Bill 5085, which previously incorporated elements of COLA recommendations.

The committee acknowledged that while there had been extensive studies on COLA in the past, a more streamlined approach could be beneficial moving forward. The member suggested that the committee might not require a full study this time, indicating a desire for a more efficient process to address the issue.

As the session progresses, the committee is expected to revisit the COLA topic, especially since related bills have been reintroduced and are currently in the rules committee. The discussions underscore the ongoing commitment to ensuring that pension policies remain responsive to the needs of retirees, particularly regarding financial adjustments that impact their livelihoods.

The committee's focus on COLA reflects a broader recognition of its significance to pension plan members, and the upcoming sessions may provide an opportunity for renewed dialogue and potential action on this critical issue.