HB67 Summary

• Provides a 10 percent cost-of-living adjustment (COLA) to Teachers' Retirement System retirees effective October 1, 2016, with a minimum monthly increase of $25.

• COLA applies to current benefit recipients who retired before October 1, 2015, and certain beneficiaries of deceased members and retirees who died before that date.

• Excludes individuals receiving Medicaid benefits whose eligibility would be impaired by the increase, and those who apply for Medicaid after the adjustment takes effect.

• Requires the Board of Control of the Teachers' Retirement System to determine annual costs and notify employers of required contribution rates to fund the increase.

• Becomes effective immediately upon passage and gubernatorial approval or upon otherwise becoming law.