Provides for cost of living adjustments for certain retirees

2025 Regular Session Introduced by Robert Jackson

Provides cost-of-living adjustments for certain retirees, protecting pension benefits from inflation and improving retirees' financial security.

PRINT NUMBER 8023B

Summary of Bill S 8023 (Print Number 8023A)

Overview

Title: Provides for cost of living adjustments for certain retirees

Bill number: S 8023

Status: PRINT NUMBER 8023A (a printed version after amendments)

Introduced: May 15, 2025

Primary sponsor: Robert Jackson

Related bill: S 6799 (prior-session)

What the bill would do

The bill, as indicated by its title, would provide cost of living adjustments (COLAs) for certain retirees. The specific eligibility, COLA calculation method, funding sources, and implementation details are not provided in the information available here.

The exact scope—such as which retirees are eligible (e.g., which retirement systems or programs), the frequency of adjustments, caps, and whether adjustments are automatic or discretionary—would be defined in the bill text itself.

Key provisions (as information is available)

Details on how COLAs would be computed (e.g., CPI-based adjustments), eligibility criteria, applicable pension programs, funding mechanisms, and any caps or caps-related provisions are not specified in the summary materials provided.

The bill would presumably set forth timelines for when COLAs would take effect and any administrative processes needed to implement the adjustments.

Who would be affected

“Certain retirees” under the scope of the bill. The exact constituency depends on how the bill defines eligibility and the retirement systems covered (not specified here). Possible affected groups could include retirees covered by state or public employee retirement programs, but the precise categories require the full text to confirm.

Legislative history and timeline

May 15, 2025: Referred to the Civil Service and Pensions committee.

November 3, 2025: Amendments and re-referred to Civil Service and Pensions; version printed as 8023A (suggesting a revised draft was prepared).

The bill has an associated prior-session related bill: S 6799.

Fiscal and administrative considerations (general notes)

Implementing automatic COLAs typically has fiscal implications for pension funds and the state or local budgets. Depending on the beneficiary population and the COLA formula, the bill could affect long-term pension obligations, actuarial reserve requirements, and annual spending. These impacts would be assessed during committee hearings and fiscal analyses.

Any COLA program would require administrative capacity to verify eligibility, apply adjustments, and communicate changes to retirees.

Next steps for readers

Review the full text of S 8023A to understand the eligibility rules, COLA calculation method, funding sources, and effective date.

Monitor committee actions in the Civil Service and Pensions committee for amendments, hearings, and potential passage.

Consider related legislation (e.g., S 6799) to compare approaches to COLAs for retirees.

If you’d like, I can tailor this summary further once the bill’s full text is available or add a comparison with commonly used COLA frameworks.