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I am pleased to announce that the results of our recent election are in, and Steve Miller has been elected to serve in the Open Member Seat. He will be officially sworn in at our next Board meeting on August 14th.
We look forward to welcoming Steve back to the Board and working together to strengthen the System for all our members and retirees. His familiarity with the Board, gained during his tenure as an active member, will be a valuable asset in this new role.
At the September 11, 2025, Board meeting, the Retirement Board carefully reviewed the Cost-of-Living Adjustment (COLA) for the upcoming year. After extensive discussion, the Board made the difficult decision not to elect a COLA at this time.
Yesterday, the Social Security Administration announced that it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to public sector workers whose benefits have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
Public and private sector defined benefit pension fund payments added $224.3 billion in tax revenue to the U.S. economy in 2022, according to the National Institute on Retirement Security. Research Quantifies the Broad Economic Impact of Pension Payments | PLANSPONSOR