ID H0448

Caps postretirement cost of living allowance (COLA) adjustments at 101% when consumer price index increases exceed 101%, unless employer and employee contribution rates and actuarial assets meet specific thresholds (employer contribution at or below 10%, employee contribution at or below 6%, and actuarial assets at least equal to liabilities).

Allows the Public Employee Retirement System board to grant up to 106% COLA adjustments for previous years when the higher threshold conditions are met, but prohibits any adjustment that would cause actuarial assets to fall below actuarial liabilities.

Requires the board to communicate its proposed inflation factor to the legislature by January 15 of each adjustment year, with adjustments subject to legislative rejection or amendment within 45 days of a regular session.

Updates code references in sections 59-1342 and 59-1346 regarding computation of service retirement allowances and early retirement allowances to correctly reference section 59-1355.