Your weekly legislative updates from Jackson Cozort, RGEA Director of Government Relations
February 6, 2026
Special TSERS/LGERS Board of Trustees Edition
RGEA Executive Director Tim O’Connell was present representing both state and local retirees when the TSERS and LGERS board met last Friday and voted to modify policies intended to make it easier to give retirees a cost-of-living adjustment in their monthly benefit payments, effective in the fiscal year beginning in 2027. The State Treasurer Brad Briner also released that the investment returns finished the 2025 calendar year with a stellar 13% return! Considering that LGERS (and TSERS to a similar extent) need a 6.5% investment return average over a three-year period for the board to legally recommend a COLA, this is a fantastic change from years like 2022 when the State ended that calendar year with an approximate -10% in investment returns.
The board also decided to direct staff to develop a policy proposal that would allow the trustees to decide on a year-to-year basis whether to recommend that lawmakers approve a COLA. Investment gains would have to be sufficient to support the increases. The current policy, by contrast, mandates that all investment gains be allocated to reduce the pension plan’s unfunded liability.
In a separate vote, the board of trustees approved authorizing the LGERS system to use investment gains, when they are sufficient, to provide COLAs or supplemental increases to retirees, without requiring a simultaneous increase in the employer contribution rate. Unlike the state pension plan, the local plan does not require General Assembly approval of all benefit increases.
We will continue to keep everyone updated to any and all state and local retiree news as it unfolds.
Jackson Cozort became the Director of Government Relations at RGEA after 12 years as a contract lobbyist. Besides representing our retirees, he also represented numerous municipalities and counties, non-profits, large corporations such as Dell computers, and even the Rockingham Speedway. Jackson’s favorite part about his new role here at RGEA is hearing the questions and concerns of the individual retiree. So, if you have any questions or concerns whether it be legislative, government, or otherwise, do not hesitate to reach out to him! A fun fact about Jackson, before he was a lobbyist he was a professional musician based out of Charlotte, NC.
Need to revisit our webinar with Treasurer Briner? Click the link below to watch it on our YouTube channel:
In case you missed our July Lunch and Learn webinar where we offered some tips on how to be an effective citizen advocate, click the link below:
RGEA Executive Director Tim O’Connell and Jackson Cozort walk through key points that shaped the year in our December 2025 webinar: