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Committee briefed on ad hoc COLA options for Plans 1; staff lays out history, costs and options
Summary
Staff reviewed ad hoc COLA options for PERS and TRS Plans 1, summarized past practice (automatic COLA 1995–2010; six one‑time increases in nine years), and cited OSA estimates: about 75% of annuitants eligible for the most recent COLA and an employer cost estimate of roughly $213 million (general fund) for the benefit improvement described.
Melinda Osvoxen briefed the committee on ad hoc COLA approaches for Plans 1 (PERS and TRS Plan 1). She described policy options (inflation‑tied, flat percent, or minimum benefit approaches), the history of prior COLA policies, and operational considerations for eligibility and caps.
Osvoxen reviewed recent practice and fiscal context: OSA estimated about 75% of annuitants were eligible for the most recent COLA; of those eligible, roughly 80% received the full 3% increase while a remaining group (just under 11,000 people) received the $110 monthly cap. She said the budget bill suspended supplemental rate collections until 07/01/2029 and that the employer cost for the benefit improvement had been estimated at about $213,000,000 (general fund) under the fiscal note cited.
This briefing was informational; staff described optional next steps including requesting bill language or additional actuarial estimates to support any recommendation to the 2027 legislature.
