Amid high inflation, retired educators and other public retirees face rising costs for food, rent, gas, healthcare, and other household expenses. But the state’s system for determining annual cost of living adjustments (COLA) involves a base rate of just $13,000 – a rate that has not been adjusted since 2011. That’s hardly enough to make ends meet. House Bill 2505 filed by Rep. Donahue and Senate Bill 1638 filed by Sen. Cyr would ensures greater economic security for retired educators by immediately increasing the COLA base to $18,000, and then gradually increasing the base until it reaches the maximum social security benefit for an individual worker retiring at full retirement age.
The legislation would also protect retirees from rising healthcare costs by exempting them from any reductions in a governmental unit’s contributions to health premiums, and by defining the maximum out-of-pocket health care coverage costs for retirees over the age of 65 who are not eligible for Medicare as $2,500 for individuals and $5,000 for families.
On June 29, AFT members advocated at the State House and testified before the Joint Committee on Public Service in support of bills relating to cost-of-living adjustments for retirees and creditable service enhancements for public employees.
Please take a moment and send an email to your State Representative and State Senator asking them to support this bill and to ask them to encourage the Joint Committee on Public Service to report H.2505 and S.1638 out favorably. Including a few sentences about your own career and financial needs can go a long way – legislators respond best to personal stories from their constituents!
Follow the link and send an email today!