To increase the pay for retired state employees by 5% over three years beginning in 2025

HB 4969 increases retirement benefits for eligible retired state employees and teachers by a total of 5% over three years, starting July 1, 2026. It applies to retirees aged 70+ with at least 25 years of service as of July 1, 2023, including those receiving minimum benefits under existing law. The increase is phased: 2.5% on July 1, 2026, 1.5% on July 1, 2027, and 1% on July 1, 2028. The bill amends provisions for both the Public Employees Retirement System and the State Teachers Retirement System. It does not affect current retirees' benefits retroactively but adjusts payments for those already retired as of the effective date.