Post by pavel on Apr 12, 2016 3:12:55 GMT -6
Louisiana retiree cost of living adjustment goes to full Senate for vote
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.
The Senate Finance Committee vetted Senate Bill 2 and voted without objection to recommend the $349 million cost-of-living adjustment, or COLA, for nearly 125,000 retired teachers, agency employees, public school employees, troopers and State Police staffers.
The money, which would cover the additional dollars added to monthly retiree checks from here on, would come from a fund where excess investment income is parked, rather than from state revenue. Under the state constitution, the money could not be used to chip away at the state’s revenue shortfall, which is now about $800 million.
If approved by the Senate and by the Louisiana House, then signed into law by the governor, it would be the first increase in two years. Another cost-of-living adjustment would not be available until the fund, called the Experience Account, is refilled.
Read more: theadvocate.com/news/15459554-70/state-retiree-cost-of-living-adjustment-goes-to-full-senate-for-a-vote
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.
The Senate Finance Committee vetted Senate Bill 2 and voted without objection to recommend the $349 million cost-of-living adjustment, or COLA, for nearly 125,000 retired teachers, agency employees, public school employees, troopers and State Police staffers.
The money, which would cover the additional dollars added to monthly retiree checks from here on, would come from a fund where excess investment income is parked, rather than from state revenue. Under the state constitution, the money could not be used to chip away at the state’s revenue shortfall, which is now about $800 million.
If approved by the Senate and by the Louisiana House, then signed into law by the governor, it would be the first increase in two years. Another cost-of-living adjustment would not be available until the fund, called the Experience Account, is refilled.
Read more: theadvocate.com/news/15459554-70/state-retiree-cost-of-living-adjustment-goes-to-full-senate-for-a-vote