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The average benefit increase in pension benefits for each retired employee totals to about $413 based on the calculated formula. Specifically, the formula is based on several factors namely an increase of $10 for each year of service (up to 30 years of service) plus a percentage increase on current annual benefits, based on the date of retirement.
The percentage increase is 3% for those who retired prior to January 1, 1983, 2% for those who retired between January 1, 1983, and December 31, 1994, and 1% for those who retired after December 31, 1994. The maximum available increase under this formula is $1,200 in the form of a thirteenth check.
Niezgodski also authored a bill this session that would have improved the lives of retired state employees by making cost of living adjustments to their pension funds however that bill was not approved by the Senate.
Niezgodski said he is disappointed that retirees will not be receiving the cost of living adjustment that they deserve but that the passing of House Bill 1074 is a positive step in improving the lives of retired public employees.
“The goal of this bill is to take care of our retired employees after their many years of dedicated service to the state,” said Niezgodski. “It’s been a long period of time since members have seen their benefits given a boost, in relation to the time since their retirement.”
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