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Committee prioritizes ad hoc Plan 1 COLA; schedules June valuation briefing and July follow-up
Summary
Chair Conway and staff said the committee will pursue an ad hoc COLA for Plan 1 members this interim, ask staff to draft options and possible budget-rider language to prompt COLA consideration each budget cycle, and schedule a June actuarial briefing and July follow-up; retiree groups urged timely relief.
Chair Conway and committee members focused discussion on securing short-term relief for Plan 1 members while keeping longer-term COLA options under consideration. Conway said the committee’s most important near-term recommendation should be “a COLA for the next biennium” in the form of an ad hoc COLA, and asked staff to begin developing language and options the committee can vet this interim.
Melinda Oslakson (staff) described a draft interim work plan that currently lists the preliminary 2025 actuarial valuation results for June and an OSA annual update for July; she and Michael Harper (actuary for the Office of State Actuary) urged scheduling the valuation briefing in June and reserving actuarial-intensive items for July or later this fall when staff resources are less constrained.
Conway proposed, and several members agreed, to explore budget-rider language that would require budget writers to “look at the need for COLA every budget cycle” without obligating them to provide one, as a mechanism to keep COLA issues on the legislature’s agenda. Retiree representatives asked for emphasis on both long-term ongoing relief and immediate short-term relief so members might receive an ad hoc COLA as soon as feasible.
Staff said it will prepare an introductory Plan 1 COLA presentation for the executive committee and pencil a possible Plan 1 item for the July work plan, plus add the preliminary valuation results and a PCERS animal control briefing to the June agenda.
The committee directed staff to work with retiree groups to develop proposals and scheduled the June and July briefing windows to allow further discussion; no formal vote on COLA policy was taken at the meeting.
