Governor Jindal signed HB 1225 into law yesterday, which was the final hurdle in making the 1.5 percent COLA a reality for eligible state retirees.The bill, sponsored by Representative Robideaux, will change the way in which future COLAs are granted.
LASERS Executive Director Cindy Rougeou said, "This legislation ensures a much needed COLA for our retirees coupled with billions of dollars in expected savings for our System. This is significant pension reform. On behalf of LASERS I want to thank Representative Robideaux and Senator Guillory who authored the bill and Governor Jindal for making it official."
SB 13, sponsored by Senator Peacock and supported by the LASERS Board of Trustees, awaits the Governor's signature. This bill will change LASERS actuarial funding method from projected unit credit to entry age normal.
Act 226 (HB 38), which changes the retirement eligibility for new hires only to five years of service at age 62, was signed by Governor Jindal. This bill applies to those hired after July 1, 2015 and excludes Hazardous Duty Service Plan members.