Plain English Breakdown
The official source does not specify a long-term continuation of pension increases beyond June 30, 2026.
Increase in Pensions for Retired State Employees
This act raises monthly service, disability, and survivor pension amounts for retired state employees based on when their pensions started.
What This Bill Does
- Increases the monthly pension by 3% for retirees whose pensions were effective on or before June 30, 2005.
- Increases the monthly pension by 2% for retirees whose pensions were effective after June 30, 2005 but on or before June 30, 2020.
Who It Names or Affects
- Retired state employees who receive service, disability, and survivor pensions.
Terms To Know
- Pension
- Money paid regularly to someone after they retire from a job or because of an injury that stops them from working.
Limits and Unknowns
- The increases must continue to be paid through June 30, 2026, and every fiscal year thereafter if funds are appropriated by the General Assembly.
- It is not clear how many retired state employees this act affects.