Monday, December 10, 2012

Senate Retirement to Discuss COLAs at December 11 Meeting

The Senate Retirement Committee will meet Tuesday, December 11 at 10:00 a.m. in the John J. Hainkel, Jr. Room to continue a study of cost-of-living adjustments (COLAs) for retired members of public retirement systems. 

In previous meetings, Senator Elbert Guillory made a point of saying that false hope should not be given that a COLA was imminent. However, after seeing information provided by LASERS, comparing the LASERS COLAs to those paid by Social Security, he noted that the situation was "not acceptable." The comparative information showed that the value of LASERS benefits with COLAs was considerably lower than the Social Security benefits. Senator Guillory stated that a solid funding approach must be developed and funding cannot be an afterthought.

LASERS will provide information from the December 11 meeting as it becomes available. 

No comments: