Florida lawmakers in the state legislature are currently mulling over HB 151 – Cost-of-Living Adjustment (COLA) of Retirement Benefits – which would increase the pensions of approximately one million state employees with a 3% increase due to “cost-of-living.”
According to the Tallahassee Democrat, the COLA measure was eliminated during the Great Recession to cut spending amidst the economic hardship. It was supposed to be revisited five years after its suspension in 2011. It was not revisited.
The bill was introduced by State Representative Demi Busatta Cabrera (R-Miami-Dade) who argues that renewing the legislation will address rising costs in America for those who serve the State of Florida.
Moreover, Busatta reprimanded various lawmakers who failed to support the bill despite thanking state workers for their contributions to the state.
She stated that the words of gratitude are nice but “it doesn’t help someone pay the cost of inflation. It doesn’t help someone pay the cost of their rising property insurance, the rising cost at the grocery store, at the gas pump.”
HB 151 is expected to come with a $2 billion hit to the taxpayer, according to the Democrat.
On Monday, the bill was added to the Appropriations Committee agenda.
State Senator Ed Hooper (R-Palm Harbor) introduced the companion legislation – SB 242 in the Senate. It has bipartisan support from the likes of State Senator Jason Pizzo (D-Hollywood).
