H1070 Summary: Retirement System 4% COLAs

• Provides 4% cost-of-living adjustments (COLAs) effective July 1, 2016, for retirees in the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, Legislative Retirement System, and Consolidated Judicial Retirement System.

• Applies the 4% increase to beneficiaries whose retirement commenced on or before specified dates (July 1, 2015 for most systems; January 1, 2016 for Legislative Retirement System).

• Provides prorated 4% increases for beneficiaries who retired after the specified dates but before June 30, 2016, calculated based on months of retirement during the period.

• Codifies previous COLAs already provided by the Board of Trustees to Local Governmental Employees' Retirement System members for fiscal years 2006-2009.

• Appropriates $168,000,000 from the General Fund for fiscal year 2016-2017 to fund the cost-of-living adjustments.