Agricultural News
COLA Approved by Senate, Heads to Governor
Mon, 18 May 2020 09:22:43 CDT
The full Senate approved House Bill 3350 on Friday that gives a cost-of-living adjustment (COLA) to state retirees.
State Sen. Roland Pederson, R-Burlington, was a co-author for the measure.
"It's been my goal for the past four years to secure a cost-of-living adjustment for our hard-working state retirees," Pederson said. "The last COLA was given in 2008, and inflation has rapidly risen over the past 12 years. Our state retirees dedicated their lives to serving the public, and it's time we take care of them. I'm thankful for the work my colleagues have done to make this a reality."
Retirement plans eligible for the COLA are the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Teachers' Retirement System of Oklahoma, the Oklahoma Public Employees Retirement System and the Oklahoma Law Enforcement Retirement System.
Under the measure, those who have been retired five or more years as of July 1, 2020, will receive a four percent COLA, and those retired two to five years as of July 1, 2020, will receive a two percent COLA. No adjustment will be given to those retired less than two years as of July 1, 2020.
The bill now heads to the governor for his consideration. If signed into law, the COLAs would go into effect on July 1, 2020.
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