SEANC Retiree Council Chairman Benny Brigman spoke out on Thursday at the Retirement System Board of Trustees meeting regarding the need for a true cost-of-living adjustment for retirees.

Legislators did not include a COLA in this year’s state budget despite enough gains by the pension system’s investments to pay for one, likely because the Board of Trustees did not recommend it. Instead, the state budget gave retirees a one-time 4% bonus.

Brigman reminded the board that while a bonus is nice, it does little to help the overall financial well-being of retirees long-term.

“In 18 years, there have been two very small COLAs,” Brigman told the board. “We need you to take a good, long, hard look. We thought there was light at the end of the tunnel last year (with investment gains). It wound up being a train, not a COLA.”

SEANC will continue to advocate for a COLA at the Board of Trustees meetings and with legislators until they do right by our retirees. If you would like to send us a short video letting us know why you need a COLA, click the button below.

Also, be sure to attend one of our upcoming Retiree Forums. We will add more dates and locations around the state soon!