Municipal Relief Act is moving again.

Yesterday, the House/Senate Conference Committee on Municipal Relief Legislation, H4877, released its long-awaited report to the Legislature. It is expected that the House and Senate will shortly approve the Committee report and send the bill to the Governor.

Municipal Relief Act – HB4877

From our┬ástandpoint (retirement system) there’s something for everyone.

The funding schedule can now be extended which will help our towns/units/schools/districts/authorities avoid huge increases to their assessments in the future. See sections 16, 17, 18, 71.

The C.O.L.A. to retirees will no longer be limited to just the first $12,000 of their annual benefit. See section 19.

And an ERI has been included, which is good news for employees nearing retirement, and a helpful tool to towns/units looking to reduce payroll pressures. See section 66.

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