Thursday, May 21, 2009

HB 96 Passes House--By Robyn Ekings

The magic number for Slidell Representative Kevin Pearson was 96. The House on Wednesday approved his HB 96 with 96 yeas and 0 nays. The proposal allows state and statewide retirement systems a retirement option with guaranteed annual 2.5 percent cost-of-living adjustments (COLAs).

Under the plan, a retirement system member would receive an actuarially reduced benefit to fund the COLAs. Additionally, any COLAs granted by the system would be paid to the retiree. The option would be available to new retirees. Any member would have to be 55 or older to receive the COLA. The bill now heads to the Senate for debate.

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