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Senate committee backs bill to prefund a Tier 5 COLA account after extended debate
Summary
SB2613 would create a PERS Tier 5 COLA account and direct $5 million annually from July 1, 2026 through July 1, 2035 (totaling $50 million) into an account managed by PERS; senators debated whether the measure commits future legislatures and whether the funding would produce meaningful COLA payments.
The Senate Finance Committee advanced SB2613 after extended debate. The bill would create a Tier 5 COLA account managed by the Public Employees' Retirement System (PERS) and direct transfers of $5,000,000 from the general fund on each July 1 from 2026 through 2035 into the account (for a $50,000,000 prefunding target).
Senator Sparks, the sponsor, said the measure is intended to prefund a COLA account for future Tier 5 retirees and to demonstrate the Legislature's intent to stabilize the retirement system. "It puts $50,000,000 over 10 years that will be invested and…
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