COLA

Cost of living adjustment H.B. 4846 passes the House, the bill provides for a one time supplement of three percent to be paid to all annuitants of the Public Employees’ Retirement and Teachers’ retirement Systems that are age seventy or older and retired for five years or more on July 1, 2006 or are the beneficiaries of a deceased member who would have been seventy and retired for more than five years on July 1, 2006. The legislation dedicates $10 million of corporate net income tax revenue in each fiscal years 2007, 2008, and 2009 to fund a total supplement of $30million over the three year period.The legislation captures $10 million annually from the Capital Company Act tax credits fund for each fiscal year 2007, 20068, and 2009.

The bill now moves to the Senate for consideration.