Pension Commission Will Vote On Cutting Benefits, COLAs

The commission studying changes to state pensions and retiree benefits will vote in two weeks on whether to recommend that the General Assembly and governor raise the retirement age, trim the cost of health insurance benefits, and eliminate cost-of-living increases for at least five years.

Casper Taylor Jr., the former speaker of the House of Delegates who heads the Public Employees’ and Retirees’ Benefit Sustainability Commission, said the goal is not just to make the pensions more sustainable in the long term, but to save $400 million to $500 million in the next fiscal year.

Taylor told the commission he also favors shifting 40% of the cost of teachers pensions to the county governments, rather than the 50-50 cost sharing passed by the state Senate last year.

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