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News Release: RPEA Executive Director Ed Farrell On The Need For An Improved Pension COLA (S.6703 Jackson)

On Wednesday, October 11, Retired Public Employees Association (RPEA) Executive Director Ed Farrell submitted testimony to the NYS Senate Standing Committee on Civil Service and Pensions regarding the need for equity among retired public employees. Retirees are living on fixed incomes and grappling with the rising costs of utilities, rent and housing, groceries, and other necessities. Equity is needed, especially for our older retirees who have smaller pensions due to the fact that salaries were significantly lower 20-30 years ago.

“Senator Jackon, the Committee Chair, has introduced RPEA’s bill to provide a ‘catch up’ payment to current COLA eligible retirees to better reflect the actual rate of inflation since the enactment of the COLA. It is important to note that 24% of retirees receive a pension under $10,000 and 43% receive a pension under $20,000,” said Farrell. “This bill would also raise the maximum pension amount the COLA is applied against, increasing from $18,000 to $21,000 for current and future retirees. We are urging the Senate to pass this bill (S.6703) when it reconvenes in January. Retirees deserve no less.”

Click here for more information on the bill, and to read testimony submitted by the Retired Public Employees Association.

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