Three-year COLA freeze could net $122M

Mississippi could save $122.2 million in three years if lawmakers follow through with a recommendation to cut back on cost-of-living adjustments for government retirees.

A commission charged with studying the sustainability of the Public Employees Retirement System is proposing a three-year freeze on the cost-of-living adjustments and altering the COLA beyond that so it reflects actual inflation.

Currently, retirees automatically receive an annual 3 percent increase.

Clarion Ledger
12/17/11