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Committee hears actuarial fiscal note for ad hoc COLA bill 1474; members ask for updated costs under new assumptions
Summary
The committee reviewed a fiscal note from the Office of State Actuary showing a 10‑year cost of about $200 million for House Bill 1474 (ad hoc COLA) and an estimated first‑year general fund cost of roughly $33 million; members urged an updated analysis reflecting recent assumption changes.
Members of the Select Committee on Pension Policy’s executive committee discussed whether to pursue support for an ad hoc cost‑of‑living adjustment for Plan 1 members and reviewed an actuarial cost estimate for House Bill 1474.
"Have the fiscal note for 1474 right in front of me," Michael Harber, actuary for the Office of State Actuary, told the…
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