To increase the COLA by 15% for all retired state employees

HB 2477 provides a one-time 20% cost-of-living adjustment (COLA) to retirement benefits for eligible retired state employees covered by the Public Employees Retirement System and State Teachers Retirement System. It directly affects retirees who voluntarily retired under normal circumstances and currently receive annual annuities, with the first payment due by June 30, 2025. The adjustment applies to both retirees and their beneficiaries (payable pro rata) and is subject to federal tax limitations. The bill corrects the title's 15% figure to the actual 20% specified in the legislation.