State Retirees To Get Retirement Pay Increase Under Bill Heading To La. Gov. Jindal’s Desk
A bill that seeks to offset living expenses faced by state retirees has received final passage from the La. House.
The legislation, authorized by State Representative Edward Price (D) of Gonzales, authorizes a cost-of-living increase for retirees that qualify in the Louisiana School Employees' Retirement System (LSERS). The legislation authorizes a COLA of up to 3.75% for those qualifying retirees and their beneficiaries.
In the legislation, it states that the system must be reviewed by the legislative actuary to make sure that the funding for this does not exceed the funds in the experience account.
“The purpose of this bill is to ensure that we are taking care of retired, educational support personnel who have not received a cost-of-living increase in six years due to budget deficits,” Price said, “I am glad that my fellow legislators stood with me in this effort, and I look forward to the Governor signing it into law.”
The bill now heads to the Governor's desk for his signature.