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.
From our standpoint (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.