It appears, as of right now, from everything we are hearing that the Treasurer and Governor will be submitting their pension legislation the end of next week or the start of the following week. The legislature will come in to session at some point after that and their plan seems to be a series of hearings prior to a vote. There is still time to take action with the Governor and Treasurer and see this web site for details.
The three major areas of concern are still the suspension of the COLA for all, including retirees, what a hybrid system will look like and extending the retirement age to 67. Both the Treasurer and Governor have said they do not plan to cut benefits that have already been earned and if you are eligible to retire you still would be. Changes will be on a going forward basis. All would be impacted by the COLA change.
Take ten minutes this weekend to contact the Treasurer and Governor. It is not too late and now is the time to act.