Just got word today of a hearing scheduled for HB 3304, the OPRI-sponsored bill for an ad hoc COLA increase for certain PERS retirees. Ad hoc increases are permitted by statute when PERS retiree income is reduced by inflation and purchasing power declines significantly. It has been quite a while since the last ad hoc increase was granted. This one targets those who have been retired for quite a while (late '80s and early '90s), before the large stock runup in the late 1990s. In my opinion, this bill has little chance of passing given the current economic state and the public contempt for PERS and retirees.
For those interested, the hearing is scheduled in Room E at 5:30 tonight at the capitol in Salem.
2 comments:
It is a shame that such a worthy notion is probably doomed to failure due to the current economic times. peg
If the truth be told, this bill never had a chance. However, if it had been written intelligently and persuasively (it is neither, plus the version I saw was filled with blanks and grammatical errors), there might have been a chance that the idea would have at least attracted some attention and might have had a chance in the 2011 session. OPRI squandered an opportunity to score some points. This bill was dumb and dumber sadly. It also makes you wonder whether it is time to find a new lobbyist.
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