The Rhode Island General Assembly is considering a resolution to reinstate the Cost-of-Living Adjustments (COLA) for state worker pensioners. The COLA payments were suspended by the Rhode Island Retirement Security Act of 2011 until the plan's funding level exceeded 80 percent, which was projected to happen in 2031. During the suspension, an interim COLA is calculated and awarded every four years, with the last award given in 2021 and the next scheduled for 2025.

The resolution is prompted by the high inflation rate in the United States, which reached 6.5 percent for the year ending in December 2022, significantly reducing the purchasing power of consumers. This economic strain was compounded by the impacts of COVID-19, including high unemployment rates. In contrast, Social Security benefits and SSI payments have seen an 8.7 percent increase in 2023. The resolution is further supported by Rhode Island's fiscal surplus of over $600 million for the 2022-23 year. The House of Representatives of Rhode Island is thus urged to support the reinstatement of COLA for state worker pensioners.