COLA Becomes Reality; Update on LASERS Supported Bills

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."

The Governor also ceremonially signed Act 102 (SB 18) yesterday, the piece of legislation which provides the 1.5 percent COLA for eligible retirees, survivors, and beneficiaries in LASERS. He had officially signed this bill last week. The COLA will go into effect July 1, 2014 for those retirees who are eligible.

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.

The 2014 Legislative Sessions ends at 6:00 p.m. today. Please check the LASERS website for the final outcome of retirement bills. The next issue of The Beam will feature additional information about significant legislation during this session.