A cost of living increase for state retirees cleared its second legislative hurdle Monday and can now be presented to the full Louisiana Senate for a vote.
“This is a reasonable COLA. We’re following the guidelines,” said Shreveport Republican Sen. Barrow Peacock, who as chairman of the Senate Retirement committee is sponsoring the cost of living increase.
Peacock noted that the permanent increase in benefits had met almost all of the triggers in a process put together by the Louisiana Legislature two years ago to revamp the way COLAs are granted to state retirees. Act 399 requires the four retirement systems meet set funding percentages and have enough money in their Experience Accounts.