Thursday, June 4, 2009

House Bill 96 Approved by the Senate – by Robyn Ekings

The Senate today (June 4th) approved HB 96 by Slidell Representative Kevin Pearson. It allows members of state and statewide retirement systems a retirement option with guaranteed annual 2.5 percent cost-of-living adjustments (COLAs).

Under the plan, a system member would receive an actuarially reduced benefit to fund the COLAs. Additionally, any COLAs granted to 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.

Early Retirement Plan set for Debate

An Early Retirement Plan that’s been on and off the books since 2001 is scheduled to move to center stage on the house floor on June 9th.

HB 513 by Thibodeaux Representative Dee Richard provides for early retirement for members of the Louisiana State Employees’ Retirement System (LASERS) with an actuarial reduction of benefits and requires abolition of positions vacated under early retirement. Members would be allowed to retire at age 50 with at least 10 years of service credit.

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