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Neb. senator proposes COLA for OPPD retirees; utility warns of $45 million annual cost
Summary
Sen. John Kavanaugh introduced LB571 to require Omaha Public Power District to give Social Security–style cost-of-living adjustments to retirees ineligible for Social Security. Union and retiree advocates supported the bill; OPPD opposed it, saying it would require about $45 million annually and cut the plan's funded ratio.
Sen. John Kavanaugh, D-Omaha, introduced LB571 to the Nebraska Retirement Systems Committee, proposing that public power districts that operate defined-benefit plans provide an annual cost-of-living adjustment (COLA) equal to the Social Security Administration's COLA to retirees who are ineligible for Social Security benefits.
The bill targets retirees from the Omaha Public Power District (OPPD) who, officials and union representatives said, do not receive Social Security but currently lack an automatic COLA on their defined-benefit pensions. "Retirees in OPPD cannot receive Social Security benefits but do not receive a cost of living adjustment on the retirement benefits that they have earned," Kavanaugh said…
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