Introduced Senate Bill (S)

Authored by

DIGEST

PERF and TRF cost of living adjustments. Provides for an annual cost of living adjustment for members (and the survivors or beneficiaries of a member) of the public employees' retirement fund (PERF) and the teachers' retirement fund (TRF) equal to the quotient of: (1) the product of the total amount the respective fund paid for benefits provided by employer contributions during the preceding state fiscal year multiplied by the annual percentage change in the Consumer Price Index for All Urban Consumers; divided by (2) the total number of members, survivors, and beneficiaries who received a monthly benefit from the respective PERF and TRF cost of living adjustments. Provides for an annual cost of living adjustment for members (and the survivors or beneficiaries of a member) of the public employees' retirement fund (PERF) and the teachers' retirement fund (TRF) equal to the quotient of: (1) the product of the total amount the respective fund paid for benefits provided by employer contributions during the preceding state fiscal year multiplied by the annual percentage change in the Consumer Price Index for All Urban Consumers; divided by (2) the total number of members, survivors, and beneficiaries who received a monthly benefit from the respective fund during the preceding state fiscal year. ... View more