Local government pensions.

SB 406 increases the maximum annual cost-of-living adjustment (COLA) for local government pension funds supporting police officers and firefighters, raising the cap from 3% to 5%. This change directly affects current and future retirees in these professions who rely on pension benefits tied to inflation. The bill modifies the existing pension fund's funding rules to allow larger annual adjustments, aligning pension payments more closely with rising living costs. It does not create new benefits but adjusts the formula governing existing pension payments.