Transcript Highlights:

• HB 41, by Representative Vuit, provides relative to board membership of the firefighter retirement system
• Basically, I've had some members of the fire department who are part of the retirement system, with the
• Professional Firefighters' Retirement System.
• Currently, they do not have a voice at all on what goes on with the retirement system.
• I'm the General Counsel for the Firefighters Retirement System. Okay. And I'm talking about costs.

Bills: HB41

Keywords: Firefighters' Retirement System, FRS, retirement board, board of trustees, firefighter pension, public pension, retirement system governance, active members, service credit, Professional Fire Fighters Association, PFFA, Louisiana Fire Chiefs Association, fire chiefs, retirees, beneficiaries, DROP, Deferred Retirement Option Plan, board elections, vacancies, Louisiana retirement law

Transcript Highlights:

• House Bill 42 provides relative to the phased retirement program within the Teacher Retirement System
• Well, she's still paying into the retirement system, where he's still paying into the retirement system
• , right, are now going to be getting their full retirement benefit from the retirement system.
• I'm the director of the Teacher's Retirement System.
• Employees Retirement System.

Bills: HB17, HB21, HB24, HB41, HB42, HB45, HB1134, HB1237

Keywords: HB 17, District Attorneys' Retirement System, retirement system, reemployed retiree, reemployment, supplemental retirement benefit, service credit, benefit suspension, public retirement, district attorney, assistant district attorney, Louisiana District Attorneys' Association, employer reporting, annual report, retirement benefits, state employees, local funds, state funds, Municipal Employees' Retirement System, part-time retirees

Transcript Highlights:

• System governing authority without changing how the system benefits operate.
• across the public retirement system from 16 to 12 hours.
• This reduction will also assist the smaller retirement systems. Ms. Michelle...
• This reduction will also assist the smaller retirement system. Ms. Michelle.
• I'm the director of the Teacher's Retirement System.

Bills: SB8, SB10, SB11, SB12, SB13, SB14, SB16, SB17, SB18, SB20, SB21, SB22, SB416, SB455, SB456, SB477

Keywords: Municipal Employees' Retirement System, Louisiana, participation, employer, retirement, SB 10, Act 222, Louisiana State Police Retirement System, state police retirement, retirement system funding, employer contributions, actuarial gains, amortization, Permanent Benefit Increase, PBI account, benefit increase reserve, supplemental permanent benefit increase, public retirement systems, state pension, pension funding

Summary: The Retirement Committee met on April 29, 2026, established a quorum, and heard a series of retirement-related bills, mostly cleanup or technical measures affecting various public retirement systems. SB 22 would extend Municipal Employees Retirement System eligibility to certain positions in the Second City Court constable’s office in New Orleans. SB 17 would create a funding deposit account for cost-of-living adjustments for registrars of voters’ employees’ retirement system. SB 455 would allow certain district and parish courts to participate in the Parochial Employees Retirement System. SB 456 would update compensation rules for assigned retired judges, and SB 8 would add the Louisiana Asset Management Pool as a participating employer in MERS. All of these bills were described as aligning statutes with current practice or expanding participation options, and each was reported favorably without objection. The committee also heard several Louisiana State Police retirement bills. SB 10 would repeal outdated priority allocation and retiree raise rules and adjust handling of surplus employee contributions; SB 11 would increase the funding cap for benefit increases from 2.5% to 3.5%; and SB 12 would update membership and definition language to reflect the State Police Commission rather than the Civil Service Commission. SB 18 would repeal a special exception allowing certain MERS retirees to return to part-time work while collecting full benefits, while protecting roughly 30 current participants. SB 20 and SB 21 would update actuarial gain/loss and unfunded liability funding rules for school employees’ retirement and LASERS, respectively, in light of the new permanent benefit increase funding structure. Each of these bills was supported by system officials as cleanup or modernization measures and was reported favorably. The committee spent the most time on education and return-to-work issues for teachers and public employees. SB 16 would reduce annual trustee training requirements for retirement system boards from 16 hours back to 12 hours, which witnesses said would better fit smaller systems and match the original intent of the law. SB 13 would similarly update TRSL’s actuarial funding rules after the sunset of the experience account. SB 14, based on a 2025 study work group, would consolidate and simplify TRSL return-to-work rules and expand options for retired teachers, with witnesses emphasizing teacher shortages and the need to retain experienced educators. All three were reported favorably. Finally, SB 416 would allow certain Department of Public Safety and Corrections retirees to return to critical shortage positions after one year, and SB 477 would classify the chairman of the Louisiana Gaming Control Board as a full-time state employee for retirement purposes. Both bills drew questions and discussion, especially SB 416, and both were reported favorably. The chair announced the committee’s next meeting would be moved from Monday to Tuesday, and the meeting adjourned.

Transcript Highlights:

• , his wife would get a portion of his retirement.
• So the retirement board, we talked to them, and it’s not something a retirement board can do without
• so that I can retire with retirement plus at the age of 55.
• , hoping to make it to 55, I will be two years shy of retirement plus.
• Next is House Bill 5159, an act authorizing the Massachusetts Retirement System to grant credible service

Bills: H5159, H5110, H3900, H5054, H5034, H4977, S2939, H4747, S2942, H4742, H4698

Keywords: retirement, teachers, service credit, superannuation, Massachusetts Teachers' Retirement System, Petersham, police employment, age requirement, public service, retirement benefits, retirement age, special police officers, Kingston, public safety, law enforcement, pre-employment examinations, disability retirement, record maintenance, Peabody, local government

Summary: The Public Service Committee heard testimony on a series of retirement, public safety, and personnel bills. The first major item was House Bill 5054, which would allow an affidavit to substitute for missing pre-employment medical records for public safety personnel in Peabody. Representative Tom Walsh, Mayor Ted Bettencourt, Fire Chief Jay Dowling, Chief Thomas Griffin, and Senator Joan Lovely all supported the bill, explaining that a veteran firefighter’s retirement had been delayed because the city could not locate his original medical records. They said the measure would correct an administrative gap and allow him to retire honorably. The committee also heard testimony on House Bill 4698, which would authorize retirement benefits for Dale Kylie, a retired state trooper whose divorce changed the circumstances underlying his retirement option selection. Representative Donald Potham said legislative action was needed because the retirement board could not make the change on its own. House Bill 3900 would raise the maximum age for special police officers in Kingston to 70; Representative Kathy LaNatra said the town has a shortage of officers and many details are being outsourced or left uncovered. Sarah Sebelli testified on House Bill 5159, seeking two years of credited service toward retirement based on prior paraprofessional work, saying she was denied credit for charter school service and is facing a degenerative eye disease that may force her to retire early. The committee then took up the remaining listed bills, including measures involving Pelham police chief employment, the New Bedford Police Association, retirement benefit transfers, age waivers for police officers, continued employment of Petersham police department members, a special police appointment in Dayton, and a sick leave bank for a Department of Corrections employee. No additional testimony was offered on those bills. After hearing the testimony and confirming no further speakers, the committee voted to adjourn.

Transcript Highlights:

• System of Oklahoma.
• Of Trustees of the Teachers' Retirement System of Oklahoma.
• System.
• Both these suggestions came from the Director of the Teacher Retirement System." Thank you, Mr.
• Both these suggestions came from the Director of the Teacher Retirement System.

Bills: HB3057, HB3279, HB4428, HB3420

Keywords: government reporting, information technology, child welfare, environmental policy, state agency compliance, employment restrictions, state officers, prohibited acts, government contracts, public service, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty

Summary: The Senate Committee on Retirement and Insurance met and first passed House Bill 3057, which removes obsolete statutorily required reports identified in a Loft review to streamline agency reporting requirements. Senator Kirt asked whether any agency functions were being eliminated, and Senator Rader said some reporting-related functions would no longer be required, citing the organized retail crime task force final report as an example. The bill passed 7-0. The committee then unanimously confirmed Marla Tharp to another four-year term on the Board of Trustees of the Teachers’ Retirement System of Oklahoma, with members discussing her service, the system’s unfunded liability, and her long career in school administration. After that, House Bill 3279 passed 9-0. That measure raises the conflict-of-interest certification threshold to contracts of $25,000 or more, bars involved officers or employees from taking jobs with the winning contractor for one year, and clarifies that another person may sign for a director. Senators asked how broadly the restriction applies and whether the change addressed existing loopholes. House Bill 4428 also passed, 7-2, after debate and amendment. The bill directs pension boards and proxy advisors to focus on pecuniary factors in investment and proxy voting decisions, while limiting reliance on non-pecuniary considerations unless they affect financial risk or return. Amendments added language requiring entities to be headquartered and operate in the United States and aligned the bill’s investment-purpose language with existing statute. Senator Kirt opposed the measure, arguing it could unduly limit long-term considerations and proxy voting. Finally, House Bill 3420 passed 8-0. Described as part of a bipartisan effort informed by the state auditor and Loft, it makes several changes to the Oklahoma Central Purchasing Act, including limiting pilot procurement testing to one year, removing flex benefit plan acquisitions from certain bidding exemptions, clarifying that professional services need not be bid, and posting sole-source and sole-brand reports on the OMES website instead of sending them to legislative leadership. Senators questioned several deletions and additions, and the author said the bill was intended to clean up procurement rules and reduce opportunities for waste or abuse.

Transcript Highlights:

• The Senate Committee on Retirement and Assurance will come to order.
• system of Oklahoma.
• system should she be confirmed, she will be succeeding herself for another four-year term.
• We have over 210,000 members of teacher retirement and approximately 50% of them are active.
• system of Oklahoma.

Bills: HB3057, HB3279, HB4428, HB3420

Keywords: government reporting, information technology, child welfare, environmental policy, state agency compliance, employment restrictions, state officers, prohibited acts, government contracts, public service, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty

Transcript Highlights:

• House Bill 3313 has morphed into a fairly large retirement bill.
• I mean, so we're saying that retirement plans have no benefit.
• When they hit retirement age, oh, I'm perfect.
• Retirement best practices get you around 12% of retirement contribution.
• This is for the DC retirement plan. Thank you for The question. Any other?

Bills: HB3041, HB4428, HB4429, HB1064, HB3265, HB3721, HB3028, HB3313, HB3588, HB3020

Keywords: credit card transactions, payment methods, service charge, consumer rights, financial regulation, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty, pecuniary factors, nonpecuniary factors, ESG, environmental social governance, social goals

Transcript Highlights:

• Senate Bill 1042 allows members of the state treasurer or a state retirement system to invest in virtual
• Chairman, members, Senate Concurrent Resolution 1033 encourages the Arizona State Retirement System and
• the Public Safety Personnel Retirement System to monitor digital asset exchange-traded funds and make
• System,' and then includes the one, two, and three paragraphs.
• I think that the legislature, with this bill, will be making clear that it wants retirement systems to

Bills: SB1042, SB1043, SB1067, SB1180, SB1221, SB1292, SB1503, SCR1033

Keywords: public funds, virtual currency, bitcoin, investment, Arizona Strategic Digital Asset Reserve Act, state treasurer, retirement system, state payments, cryptocurrency, Arizona law, payment methods, government transactions, tax lien, property tax lien, real property tax lien, foreclosure, right of redemption, redeem, excess proceeds, county abatement lien

Transcript Highlights:

• House Bill 4263 would allow a retired member of the Teacher's Retirement System of Oklahoma who becomes
• TRS or become an active member of the Oklahoma Public Employees Retirement System.
• This bill affects the Oklahoma law enforcement employer retirement system.
• House Bill 2193 is a COLA for state retirement systems.
• House Bill 2193 is a COLA for state retirement systems.

Bills: HB1784, HB1245, HB1268, HB2116, HB2193, HB2206, HB1739, HB1889, HB1904, HB3172, HB4225, HB4352, HB3625, HB4263

Keywords: education reform, local control, student outcomes, curriculum changes, school funding, retirement, pension, public employees, Oklahoma Public Employees Retirement System, benefits, survivorship, contribution rates, disability retirement, deferred option plan, service credit, contributions, distributions, HB2116, Oklahoma Law Enforcement Retirement System, OLERS

Transcript Highlights:

• Members, this bill requires our retirement systems to cast votes in line with their fiduciary duties,
• A lot of Retirement systems.
• system.
• system.
• I only had one question: do they have the option of doing it like the teacher retirement system if they're

Bills: HB1739, HB1784, HB1889, HB2116, HB2206, HB3625, HB2939, HB3028, HB3265, HB3313, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3420, HB3588, HB3748, HB3721, HB3852, HB4132, HB4263, HB4303, HB4311, HB4428, HB4429, HB4434

Keywords: retirement, law enforcement, disability benefits, pension system, Oklahoma, education reform, local control, student outcomes, curriculum changes, school funding, public retirement systems, pension, retirement benefits, cost-of-living adjustment, COLA, inflation adjustment, CPI-U, Consumer Price Index, firefighters pension, police pension

Transcript Highlights:

• Members, this bill requires our retirement systems to cast votes in line with their fiduciary duties,
• A lot of retirement systems, a lot of taxpayer dollars are turned over to these outfits, and there aren't
• Members, HB 1739 reinstates the half-pay provision of OLERs, the state law enforcement retirement system
• system.
• Would they have the option of doing like teacher retirement system if they're hired through the school

Bills: HB1739, HB1784, HB1889, HB2116, HB2206, HB3625, HB2939, HB3028, HB3265, HB3313, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3420, HB3588, HB3748, HB3721, HB3852, HB4132, HB4263, HB4303, HB4311, HB4428, HB4429, HB4434

Keywords: retirement, law enforcement, disability benefits, pension system, Oklahoma, education reform, local control, student outcomes, curriculum changes, school funding, public retirement systems, pension, retirement benefits, cost-of-living adjustment, COLA, inflation adjustment, CPI-U, Consumer Price Index, firefighters pension, police pension

Summary: The committee opened with prayer, laid over House Bill 1784 as dead, and then heard a long series of measures, many related to pensions, retirement systems, elections, and state procurement/reporting. Early bills included HB 3588 on debtor-creditor law updates, HB 3748 on county partnerships with four-year institutions, HB 4303 extending the municipal ordinance publication deadline from 15 to 30 days, HB 4311 increasing the treasurer’s share of the unclaimed property administration fee from 4% to 6%, and HB 3028 allowing CareerTech to charge processing fees. All of these advanced on due pass votes, with some opposition on HB 3588, HB 4311, and HB 3028. A major block of the meeting focused on retirement and pension policy. The committee advanced HB 4428 and HB 4429 on proxy advisor transparency and fiduciary voting standards for retirement systems, with the author arguing they would improve transparency and keep pension decisions focused on financial returns rather than ESG/DEI considerations. Other pension-related bills that passed included HB 4132 creating a cybersecurity safe harbor for local governments, HB 1889 fixing a COLA gap for certain retired police officers and firefighters, HB 3265 defining “mental health specialist” for disability applications, HB 1739 reinstating a half-pay provision in the state law enforcement retirement system, HB 3313 changing the Retirement Freedom Act by raising contribution and match rates and eliminating vesting, HB 2116 expanding eligibility for State Fire Marshal officers, HB 2206 allowing newly hired school resource officers to join OLEERS, HB 3625 expanding school district investment options, and HB 3721 creating a survivor-benefit election for children of certain public safety officers. Most of these passed with little or no debate, though HB 1739 drew questions about actuarial “safe harbor” language and pension funding. The latter part of the meeting centered on a package of government contracting and transparency bills from Representative Strom. HB 3413, HB 3414, HB 3415, HB 3416, HB 3417, HB 3418, and HB 3420 would require more detailed reporting of contracts, subcontractors, consulting services, and post-contract assessments; create public posting and reporting requirements through OMES and Central Purchasing; revise bidding rules for state, county, and municipal entities; require vendor ownership disclosures; allow live-streamed bid openings; and add misdemeanor penalties for violations of Central Purchasing rules. Strom said the package was intended to improve accountability, documentation, and protection of taxpayer dollars. The committee also passed HB 3852 clarifying poll worker list requirements for county election boards, HB 4434 requiring gubernatorial notice when out of state, and HB 2939 removing fax-machine references from statute. Most measures were adopted with policy recommendations and passed on strong votes, and the meeting ended with Chairman West thanking members for their work and adjourned the committee.

Transcript Highlights:

• The committee on retirement and government sources shall convene.
• System Hazardous Duty Retirement Plan.
• into that system here in the police retirement system.
• I know the retirement systems are set normally at 7 and 7.5% annual returns and...
• I know that you are watching the dollars, and I know that our retirement system right now sits at $25

Bills: SB134, SB1356, SB1407, SB1611, SB1639, SB169, SB1722, SB182, SB1870, SB2039, SB432, SB609, SB715, SB716

Keywords: retirement, public employees, reemployment, benefit adjustment, Oklahoma Public Employees Retirement System, state government, OMES, Office of Management and Enterprise Services, Department of Labor, Department of Veterans Affairs, Department of Rehabilitation Services, civil service, human capital management, state employee disputes, whistleblower, veterans employment, veterans placement, fleet management, state fleet, motor vehicles

Transcript Highlights:

• But really the bigger issue is why can't we fund government?
• Senate Bill 1292 specifies that prohibiting the Public Safety Personnel Retirement System from owning
• Another is retirement, which.
• Tier 1 is a 20-year retirement. Tier 2 is a 25-year retirement.
• You know, different government employees that get pensions.

Bills: SB1180, SB1215, SB1270, SB1290, SB1292, SB1294, SB1430, SCR1028

Keywords: income tax, conformity, Arizona Revised Statutes, taxpayer, federal regulations, firefighters, occupational disease, workers compensation, cancer presumption, police officers, hazardous duty, SB1270, Arizona retirement system, public safety personnel, defined contribution plan, correctional officers, corrections officers, retirement contributions, supplemental contributions, retention incentive

Transcript Highlights:

• Right now, the state's contribution to the teacher retirement system happens outside the foundation.
• That additional flexibility allows local governments to better align retirement contributions with the
• Time, you have a small class of folks in the retirement system whose benefits are not being actuarially
• We show you registered as Porter Wilson on behalf of the Employees Retirement System of Texas and show
• I'm just here as a resource witness if you have questions for the Employees Retirement System.

Bills: HB886, HB1514, HB2434, HB2688, HB2802, HB3161, HB3221, HB4029, HB4339, HB4591, HB4774, HB4802, HB4853, HB5627, SB1737

Keywords: retirement, supplemental payment, benefits, Employees Retirement System, eligible annuitants, legislation, annuity, service credit, Employees Retirement System of Texas, employee benefits, pension reform, public retirement systems, municipality pensions, firefighters, police officers, retirement age, DROP program, actuarial studies, pension benefits, municipal retirement

Transcript Highlights:

• In the last legislative session, employees... ...with the Teacher's Retirement System received both a
• from the Employees Retirement System of Texas.
• We show you registered as Porter Wilson on behalf of the Employee Retirement System of Texas, testifying
• The stability of the Teacher Retirement System. That is correct, by about $13 million. Thank you.
• Unfortunately, it's the retirement system and the members of the trust fund that are subsidizing that

Bills: HB886, HB1514, HB2434, HB2688, HB2802, HB3161, HB3221, HB4029, HB4339, HB4591, HB4774, HB4802, HB4853, HB5627, SB1737

Keywords: retirement, supplemental payment, benefits, Employees Retirement System, eligible annuitants, legislation, annuity, service credit, Employees Retirement System of Texas, employee benefits, pension reform, public retirement systems, municipality pensions, firefighters, police officers, retirement age, DROP program, actuarial studies, pension benefits, municipal retirement

Transcript Highlights:

• We show you registered as Katrina Daniel on behalf of the Texas Retirement Teacher... ...system of Texas
• the pension system, cutting... confusion and delay.
• systems.
• Currently, statute requires Texas Public Retirement Systems.
• Retirement systems with greater than 100 million in assets report every three years, and those that have

Bills: HB3014, HB3109, HB3126, HB3474, HB3594

Keywords: gift card fraud, counterfeit gift card, gift card tampering, gift card theft, prepaid card, stored value card, retail fraud, financial crimes, consumer protection, organized retail crime, gift card skimming, magnetic stripe, chip card, redemption information, gift card packaging, Penal Code, felony theft, state jail felony, third-degree felony, second-degree felony

Transcript Highlights:

• I don't want to retire yet.
• System.
• System.
• Thank you for hearing my issue with my retirement from the Massachusetts Retirement System, MTRS.
• retirement.

Bills: S3044, S3031, S3017, H5189, H5246, H5297, H5248, H5359

Keywords: retirement benefits, teachers' retirement system, creditable service, public education, emergency law, sick leave bank, leave donation, personal days, vacation days, extended illness leave bank, public employee, county sheriff, Worcester County Sheriff's Office, personnel bill, employee leave, disability leave, illness leave, compassionate leave, Massachusetts public service, police recruitment

Summary: The Joint Committee on Public Service held its 20th hearing of the 194th General Court to consider late-filed bills, with testimony limited to three minutes and written testimony accepted by email or mail. The committee heard several retirement-related proposals and individual hardship cases, including a bill for Jason Patrici (H5246) seeking creditable service for prior Vermont correctional and probation work so he could retire earlier and join his wife in Wales. Rep. Sabadosa supported the bill, and committee members asked light questions about his plans and service history. The committee also heard from Beverly Police Chief John Lachillard and Rep. Hannah Bowman on a bill to allow the chief to remain in service beyond the usual retirement age. Bowman said the language had been worked on with House Counsel to include an age cap and health-exam provisions, and members discussed ensuring the bill matched recent precedent and would not run into administrative problems. The chief said he wanted to stay one or two more years to help with a smooth transition and turn the department over in good shape. Another major topic was House Bill 5359 and Senate Bill 3800, supported by Massachusetts Judges Conference President and District Court Judge Dan DeLorati, to provide judges equitable access to military creditable service. He explained that the 2012 Heroes Act was intended to give judges the same military buyback benefits as other state employees, but the State Retirement Board had denied the benefit because judicial pensions are calculated differently. Committee members generally agreed with the policy goal but emphasized the need to get the statutory language right. The committee also heard from educator Alex Seminello, who described a dispute with MTRS over buying back Rhode Island service after the system had accepted over $100,000 and initially approved the purchase; he asked the committee to require MTRS to honor its agreement. Senator Montigny later spoke in strong support of that petition. No votes were taken, and the hearing ended with a motion to adjourn.

Transcript Highlights:

• Arizona State Retirement System. Thank you. Any questions for the bill sponsor? Seeing none, Mr.
• For the record, Jessica Thomas, legislative liaison for the Arizona State Retirement System.
• Again, for the record, Jessica Thomas, legislative liaison for the Arizona State Retirement System.
• House Bill 2092 allows a person to waive participation in the Arizona State Retirement System after age
• For the last time, Jessica Thomas, legislative liaison for the Arizona State Retirement System.

Bills: HB2011, HB2089, HB2090, HB2092, HB2477, HB2785

Keywords: individual income tax, subtraction, Arizona Revised Statutes, retirement benefits, adoption costs, charitable contributions, health insurance, premium payment, Arizona State Retirement System, contingent annuitant, long-term disability, benefits limitations, disability compensation, social security, retirement system, elected officials, ASRS, eligibility waiver, age 65, education savings

Transcript Highlights:

• It applies to participants in the employee's retirement system, the teacher retirement system, and the
• We see you registered as Blaze Durand on behalf of the Employees Retirement System of Texas, and you
• ...the funds that go into the retirement system? Representative, no, sir.
• system.
• system.

Bills: HB3015, HB3521, HB5632, HJR182, SJR57

Keywords: healthcare, direct primary care, insurance deductibles, Texas Health Benefit Plans, telemedicine, police retirement, disability pension, municipalities, law enforcement, retirement benefits, retirement, beneficiary, Employees Retirement System of Texas, divorce decree, beneficiary designation, Veterans' Land Board, general obligation bonds, constitutional amendment, veterans, housing assistance

Transcript Highlights:

• Ladies and gentlemen, we're going to call this meeting to order of State Government.
• </c><00:03:53.360><c> First,</c> taking care of state government.
• First, taking care of state government.
• Uh current government, for local.
• This bill government every five years.

Bills: HB136, HB137, HB220, HB213, HB256, HB136, HB137, HB220, HB213, HB256

Keywords: Teacher's Retirement System, TRS, DROP, Deferred Retirement Option Plan, retirement benefits, teacher retirement, classroom teacher, Tier I, Tier II, public pension, pension reform, education employees, retirement system, sick leave, cost-of-living adjustment, COLA, beneficiary, lump-sum payout, rollover, service retirement