Modifies cost of living adjustments for members of the Public School Retirement System and the Public Education Employee Retirement System

SB 1779 modifies the cost-of-living adjustment (COLA) rules for retirement benefits in the Public School Retirement System and the Public Education Employee Retirement System. These systems cover public school employees, including teachers, administrators, and other education staff. The bill changes how annual inflation adjustments to retirement payments are calculated or applied. This directly affects current and future retirees in these systems by altering their annual benefit increases.