Raise cost of living threshold for retired municipal police officers

HB 2547 raises the cost-of-living adjustment (COLA) threshold for retired municipal police officers, firefighters, and employees of water/sewage systems from $15,000 to $45,000 of their annual pension benefit. This means more of their retirement income will be adjusted annually for inflation based on the U.S. consumer price index, rather than just the first $15,000. The bill modifies existing law (§8-22-26a) to expand the portion of pension benefits subject to COLA increases, which currently caps adjustments at $15,000. It directly affects retirees in these specific public safety and utility roles who receive supplemental pension benefits.