The governor signed HB 3350 into law Thursday.
The cost-of-living adjustment is the first for retired state workers in 12 years, and it comes at a critical time for Oklahomans. Every dollar paid out to an Oklahoma retiree puts $1.39 back into the Oklahoma economy. Also, the COLA costs the state $0.
The COLA is one of the four pillars of the Oklahoma Education Association’s Together We’re Stronger legislative plan.
Statement from OEA President Alicia Priest:
“Congratulations to our retirees and to our educators! This fight has taken years and met resistance every step of the way. We are thankful to every single voice that joined together along this journey to make this day possible. Our retirees need money for the basics — paying for medicine, filling up a gas tank, or turning on the air conditioner in the summer. This cost-of-living adjustment directly benefits Oklahomans and the Oklahoma economy. All of this comes at zero cost to the state budget. This victory is a long time coming and well deserved.”
About the COLA
- Effective date: HB 3350 will go into effect on July 1 if it is signed into law.
- COLA amounts: The raise will be 2% for those retired two to five years, and 4% for anyone retired longer. The length of retirement is calculated as of July 1, 2020.
- Duration: This is an increase in pension payments. It’s not a one-time stipend, like two years ago.
- Payments: Retirees will see increase in their July pension checks, if the governor signs the bill.