government has a measure for seniors' living costs, but does not use it when giving Social Security recipients an annual cost-of-living adjustment
Now, those covered by the Employees Retirement System of Texas pension funds are asking lawmakers for a cost-of-living adjustment
, calling it long overdue.
"We only give cost-of-living adjustments
or incentive pay if the money's available and the City Council approves it, because sometimes the money is not available," Townsell said.
The act increased the statutory maximum credit and exclusion amount from $10,000 to $13,170 and, starting in 2011, changed from 2001 to 2009 the base period for annual cost-of-living adjustments
of the credit and exclusion amounts and their phaseout threshold.
The current formula used to calculate cost-of-living adjustments
for Social Security beneficiaries does not take into account the purchasing habits of seniors.
The budget, which contains no cost-of-living adjustments
for employees, calls for major cuts in police, fire, library, DPW, ambulance and recreation budgets.
As you know, cost-of-living adjustments
are a cruel joke.
The offer includes a wage increase of 11% over three years, cost-of-living adjustments
, and increases in pension contributions.
Benefits included short elimination periods, high replacement ratios, high maximums, extended own-occupation and specialty definitions, cost-of-living adjustments
and so on.
IR-2005-120 announced cost-of-living adjustments
(COLAs) for (1) dollar limits on benefits under qualified retirement plans and (2) other provisions affecting such plans that take effect on Jan.
The Santows see the need for new approaches in several areas, among them universal preschool education funded by estate taxes; automatic cost-of-living adjustments
to the minimum wage; new tax computation approaches; and inducements for the private sector to provide health-care coverage.