VETS Bonus / Budget Before Governor

July 1, 2006: As the clock ticked down to the final hours of the current fiscal year, the Legislature enacted the FY 2007 state budget and sent it to Governor Romney for his approval. The governor now has ten days in which to review the budget and take action.

The 3% COLA, based on the first $12,000 of one’s pension, for state and teacher retirees ,who retired prior to July 1, 2005, is contained with the final budget. It will take effect once the budget is signed into law, but will be retroactive to July 1

Also awaiting action by the governor is S2462, which contains the necessary language for retired state and teacher veterans to receive the long awaited veterans bonus. This bill extends the vets bonus to accidental disability retirees, who were previously denied the benefit. Having been enacted on June 26, Governor Romney has until Thursday, July 6, to act on the bill.