COLA Approved by Senate, Heads to Governor

Mike Seals - May 16, 2020 10:36 am

OKLAHOMA CITY – The full Senate approved House Bill 3350 on Friday that gives a cost-of-living adjustment (COLA) to state retirees.

State Sen. Roland Pederson, R-Burlington, was a co-author for the measure.

“It’s been my goal for the past four years to secure a cost-of-living adjustment for our hard-working state retirees,” Pederson said. “The last COLA was given in 2008, and inflation has rapidly risen over the past 12 years.”

“Our state retirees dedicated their lives to serving the public, and it’s time we take care of them. I’m thankful for the work my colleagues have done to make this a reality.”

Retirement plans eligible for the COLA are the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Teachers’ Retirement System of Oklahoma, the Oklahoma Public Employees Retirement System and the Oklahoma Law Enforcement Retirement System.

 

Under the measure, those who have been retired five or more years as of July 1, 2020, will receive a four percent COLA, and those retired two to five years as of July 1, 2020, will receive a two percent COLA. No adjustment will be given to those retired less than two years as of July 1, 2020.

The bill now heads to the governor for his consideration. If signed into law, the COLAs would go into effect on July 1, 2020.

For more information, contact: Sen. Roland Pederson at 405-521-5630, or email [email protected].

 

Latest Stories

Apply Now for Soroptimist “LIVE YOUR DREAM” Education and Training Award for Women

Are you a woman who serves as the primary wage earner for her family and seeking...

New Stroke Prevention Guidelines Aim to Change U.S. Health Landscape

(AP) — The majority of strokes could be prevented, according to new guidelines aimed at helping people...

Biden and Harris appear together for the first time since she lost the election to Trump

WASHINGTON (AP) — President Joe Biden and Vice President Kamala Harris on Monday made their first joint appearance since her election...