By Nick Reisman City of Albany PUBLISHED 5:52 AM ET Jan. 25, 2022 A group that…
On January 31, 2022, RPEA Executive Director Edward Farrell testified during the Joint Legislative Public Hearing on Workforce Development, highlighting the need to adjust the Pension Fund Cost of Living Adjustment (COLA) which hasn’t changed in 22 years.
Farrell stated: “Contrary to its name, it’s not a real COLA. It’s half a COLA. Whatever the rate of inflation is, we would get half the rate – not to exceed 3% and never less than 1%. The Pension Fund is now nearly 100% funded. So, we think it’s time to look at the COLA formula and make adjustments.”
Watch the full testimony below: