Monday, June 29, 2009

Governor signs bill to give retirees pay boost

Governor Bobby Jindal has signed into law a bill that would give some state employee and teacher retirees living at the poverty level a boost in their pension checks

The retirees could receive up to a $300 a month increase beginning July 1 under House Bill 586.

The legislation would affect about 1,300 retirees, their beneficiaries and survivors who receive pensions through the Louisiana State Employee Retirement System and the Teachers’ Retirement System of Louisiana.

In order to qualify for the minimum benefit, the retiree would have to have at least 30 years of service credit, be retired for at least 15 years, and be at least age 60.

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