In this episode, we interview Sam Watts, executive director of the state retirement system, about a recent board vote and what it could mean for cost-of-living adjustments (COLAs) for retirees.Sam explains the system’s funding history, the role of employer and employee contributions, how past policy choices created unfunded liabilities, and the board’s proposal to use investment gains above a 6.5% threshold to help fund future COLAs — possibly as early as 2027.The conversation breaks down complex policy choices, timelines, and trade-offs for retirees, employers, and the General Assembly.