LD 1995 - Retiree Pensions

(2022)

An Act To Make Supplemental Appropriations and Allocations for the Expenditures of State Government, General Fund and Other Funds and To Change Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal years

What is the bill?

This supplemental budget included an exemption from state income taxes for retiree pensions for the first $25,000 of pension income in 2022. Retirement pension income from any source will be tax exempt up to $35,000 by 2025. This will increase retirees' economic security. There were also big wins for public sector workers, including a retroactive retiree COLA increase of 1% for eligible retirees, an increase in the pension base to determine those eligible for a retiree COLA and more than $12 million to increase pay for childcare workers and early childhood educators.

What happened?

Enacted into law (Passed by the Legislature, Signed by the Governor)

Votes