Thursday, June 14, 2007

Legislative Update

The House Committee on Retirement approved legislation {SB 116, Sen. Theunissen} which authorizes the boards of trustees of LASERS and TRSL to grant a supplemental COLA 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.

In other action, the committee took no position and recommitted to the House Appropriation Committee {HB 845, Rep Durand}, which would increase the benefit accrual rate for certain adult probation and parole officers to 3.33 percent. The measure provides for a fee on probation and parole cases to offset any actuarial cost to LASERS.