Lawmakers Hear Arguments For Raising State Pension Plans

State lawmakers heard from experts about whether former public servants and first responders should get an increase in retirement payments. In total, they discussed the possibility of an up to 4 percent cost of living adjustment for retired public employe

Monday, November 18th 2019, 9:24 am

By: News 9

Lawmakers Hear Arguments For Raising State Pension Plans

State lawmakers heard from experts about whether former public servants and first responders should get an increase in retirement payments.

In total, they discussed the possibility of an up to 4 percent cost of living adjustment for retired public employees, and it's something they say is vitally needed.

According to the Journal Record, there hasn't been a cost of living adjustment in around 12 years, and a potential increase would affect overall pension pay of different retired public employees like teachers, firefighters and judges.

Because of the rising cost of premiums on insurance, advocates for the retirees, like Sabra Tucker of the Oklahoma Retired Educators Association, have said many of them have had to cut back on expenses like heat for their homes, because their pensions simply cant cover them any more. She said while a 4 percent cost of living adjustment wouldn't be a major increase, it still would be at least something.

Other groups like the National Institute on Retirement Security said both pensions payments and cost of living adjustments have a positive effect on the economy, and that when retired employees spend their pension money on different things in their communities, that money impacts the local area.

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