Pension COLA Changes Cannot Be Applied To Prior Service

In 2013, Oregon’s Legislature, facing rapidly escalating costs for the Public Employees Retirement System, enacted two bills aimed at reducing those costs. The most important of the changes brought about by the legislation dealt with a cost of living increase to pensions. COLA adjustments first became law in Oregon in 1971, and required adjustments to pensions based on changes in the Portland Consumer Price Index. The 2013 bills converted…

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