This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits for certain retired members of the Teachers Pension and Annuity Fund (TPAF) who accepted early retirement incentives prior to January 1, 2011. The legislation amends existing law to allow the Board of Trustees of the TPAF, in consultation with the fund's actuary and the State Treasurer, to implement these automatic adjustments. The COLAs will apply only to future pension benefit payments and will not provide retroactive payments based on previous entitlements.

The bill also includes specific legal language changes, such as the deletion of provisions that previously restricted adjustments to retirement allowances and pensions under the Pension Adjustment Act, and the insertion of new language that clarifies the eligibility criteria for receiving these adjustments. Overall, the bill aims to restore financial benefits to a specific group of retired educators, addressing the impact of prior legislation that eliminated such adjustments.

Statutes affected:
Introduced: 43:3B-2