An Act relative to cost of living adjustments for retired public employees of the Commonwealth

This bill (HD 3714) adjusts cost-of-living adjustments (COLAs) for retired public employees in Massachusetts state and teacher retirement systems. It increases the base amount used to calculate COLAs from $13,000 to $16,000 annually and requires systems to apply COLAs based on the previous year’s U.S. Consumer Price Index (CPI) increase or 3%, whichever is greater. Retirees receiving benefits at 85%, 95%, or 100% of Social Security levels will see COLAs calculated on higher base amounts, with adjustments applied each July 1. The bill also mandates annual reports to the legislature on CPI changes and COLA calculations.