Friday, June 12, 2009

Legislature Gives Final Approval to COLA Bill – by Robyn Ekings

The House has concurred in Senate changes to 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. The bill has been sent to Governor Jindal for his consideration.

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