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Not sure everyone realizes that some public pensions have a negative COLA adjustment. If the basis of how your COLA is calculated decreases your pension is suppose to also since it includes a COLA from previous years. At least one state that does it that way deferred the decrease to the up coming year and was going to subtract it from any increase. Oooops what if the increase is less than the decrease or none at all? With all the strain on state budgets will they follow through with their guidelines and reduce the pension? Plan for it!
Governor Martin O’Malley has signed into law legislation that precludes an unprecedented negative cost of living adjustment (COLA) for state retirees and beneficiaries in fiscal year 2011, which begins July 1, 2010. Under the law, benefits will remain at their current levels and the negative cost of living adjustment that would have gone into effect, will instead be deducted from the positive COLA expected in fiscal year 2012.
Lot of folks don't realize it. Not saying your state does but I know a lot of folks don't realize it or forgot.
Nope, mine got reduced because they raised the cost of my health coverage.
That is a rise in your insurance cost that comes from the mandates in the healthcare law;not your pension going down, Anyone whose company adopted the healthcare manadates to be grandfather under the law has risen. Mine did also.
I live in PA and possibly we have the 2nd highest population of senior citizens after FL. It would be political suicide to decrease any benefits.
Isn't that the group most unwilling to have their property taxes increased? Senior are willing to cut others pensions but not their SS. Most of the seniors in Pennsylvania are not going to receive a public pension. Many of them were born there and are not transplants and are definitely old school
I am aware that PA has a favorable state tax situation for retirees, but I am curious what other factors make it attractive for seniors.
Not necessarily that they moved there. Many towns in PA have seen their industries shut down and that along with weather has caused a number of younger folks to move out of state. That has help create the shift in demographics.
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