HB 23-1106

House Bill 23-1106, which has been approved by the governor and will take effect on August 7, 2023, allows the Fire and Police Pension Association (FPPA) board to give retirees noncompounding cost-of-living adjustments in addition to their current compounding adjustments. This means that retired firefighters and police officers can receive COLAs that do not build upon previous increases each year. The bill affects FPPA members who are eligible for retirement benefits, providing them with more flexibility in how their pension is adjusted for inflation.

Official Summary

Current law authorizes the board of the fire and police pension association (FPPA) to grant compounding cost of living adjustments (COLAs). The act authorizes the board of FPPA, within certain limits, to also grant noncompounding COLAs. APPROVED by Governor March 23, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

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