Tuesday, May 15, 2007

Senate Committee on Finance approves LASERS-sponsored legislation regarding COLA supplements.

Senate Bill 116 by Senator Gerald Theunissen will be considered by the full Senate after winning committee approval on Monday.

SB 116 Authorizes LASERS and the Teachers' Retirement System to grant a supplemental cost-of-living increase of 0.5 percent beginning July 1, 2007, from their respective experience accounts for a maximum of 3.0 percent, which would otherwise be limited to 2.5 percent.