Senate Memorial 31 requests the creation of a work group to study the Public Employees Retirement Association (PERA) Fund, focusing on policies affecting benefits, fund solvency, and the impact of changes to retiree cost-of-living adjustments (COLAs). The memorial highlights the rising unfunded liability of the PERA Fund and the negative effects of previous legislative changes, particularly those made in 2020, which suspended COLAs for three years and altered their calculation method. The work group is tasked with examining the implications of these changes on current retirees, exploring options to restore COLAs tied to inflation, and assessing factors contributing to the fund's unfunded liability.

The work group will consist of nine members with expertise in finance, budget, and government policy, including retirees from the PERA, legislative committee chairs, and analysts from relevant departments. It is expected to evaluate benefit calculation formulas, rules governing benefits, and potential changes to improve fund solvency without adversely affecting retirees. The work group is required to submit its recommendations to the appropriate legislative committees by December 31, 2026, and will seek assistance from an outside entity with pension fund expertise to ensure a comprehensive evaluation of the issues at hand.