To increase the COLA by 15% for all retired state employees

HB 4773 would increase the cost-of-living adjustment (COLA) for retired state employees by 20% - not 15% as the title states - applying to retirees from the Public Employees Retirement System and State Teachers Retirement System who voluntarily retired in good standing. The bill requires the first full payment of this 20% adjustment to be issued by June 30, 2026, with benefits also shared proportionally to eligible beneficiaries. The adjustment is subject to IRS limits and mandates a legislative review every decade to assess future COLA increases.