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Entries for April 2014

08

SB 1922, HA 5 severely weakens retirement security and unfairly burdens workers and retirees
COLA Cuts: SB 1922, HA 5 proposes moving Tier 1 workers and retirees onto a Tier 2 cost-of-living adjustment formula, in addition to eliminating three years of COLA increases for current retirees. This is a drastic cut.

 

Compounding is critical to protect retirees from inflation, especially for city employees and retirees who don’t receive Social Security. The burdens of these cuts are all the more problematic because the City is now in the process of requiring retirees to pay significantly more for their health insurance coverage.

 

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