SB 709 - Black, Rusty
Modifies the total cost of living adjustments for members of the Public School Retirement System and the Public Education Employee Retirement System
Bill Details
Sponsor
LR Number
2888S.01I
Title
SB 709
House Handler
N/A
Journal Page
Effective Date
August 28, 2025
Committee
Current Status
Second Read and Referred S Local Government, Elections and Pensions Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 709 - Current law provides that retired members of the Public School Retirement System ("PSRS") and the Public Education Employee Retirement System ("PEERS") may receive yearly cost of living adjustments on monthly retirement allowances, but the total of such cost of living adjustments shall not exceed 80% of a member's original monthly retirement allowance. This act provides that the 80% limitation shall be subject to annual increases approved by the Board of Trustees every December 31st, except such increases to the limitation shall not exceed 1%. Additionally, if the investments of the system earn 2% or greater returns than the investment return rate adopted by the Board, the limitation on the total cost of living adjustments shall be increased by 1%. However, the cost of living adjustments shall not exceed 100% of a member's original monthly retirement allowance.
This act is identical to HB 329 (2025) and SB 1421 (2024).
KATIE O'BRIEN