HB22 amends the Clerks' of Court Retirement System to adjust cost-of-living adjustments (COLAs) and employer contributions.
HB22 modifies the Louisiana Clerks' of Court Retirement System by allowing the board of trustees to grant cost-of-living adjustments (COLAs) in any fiscal year if the system is at least 100% funded. The bill increases the maximum COLA to 3% and removes the $40 per month cap. It also allows the board to set an employer contribution rate up to 3% higher than the actuarially required rate. The bill specifies that all retirees, beneficiaries, and survivors are eligible to receive COLAs, which must be funded by the funding deposit account.
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- Critical Issues
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