GENERAL ASSEMBLY-COLA OPT OUT

Amends the Compensation Review Act. Provides that members of the General Assembly may at any time elect not to receive any increase in compensation that would otherwise apply based on a cost of living adjustment for or during any given fiscal year. Provides that upon electing not to receive a cost of living adjustment, the amount by which a member's compensation would have increased but for the election not to receive such funds shall be paid into the State Pensions Fund. Provides that once a member of the General Assembly elects not to receive a cost of living adjustment, he or she shall not be eligible to receive a cost of living adjustment for the remainder of the fiscal year in which the election was made. Provides that any increase in compensation received as a cost of living adjustment by a member of the General Assembly prior to the election not to receive such funds shall be repaid to the State and deposited into the State Pensions Fund.