House Bill No. by Representative Dewitt amends the Firefighters' Retirement System (FRS) regulations regarding the funding deposit account. The bill specifically modifies R.S. 11:107.1(D)(4)(a) to allow for cost-of-living increases to be funded from the account, removing the previous restriction that prohibited such payments. The language in the bill changes from "Except as provided in Subparagraph (c) of this Paragraph, to" to "To" in relation to providing cost-of-living increases. Additionally, the bill repeals R.S. 11:107.1(D)(4)(c), which contained the prohibition against using the funding deposit account for these increases.

The proposed changes aim to enhance the financial flexibility of the FRS by allowing the use of the funding deposit account for cost-of-living adjustments, which can benefit retirees. This legislative action reflects a shift towards supporting the financial needs of firefighters in retirement, ensuring they receive necessary adjustments to their benefits in line with inflation and cost-of-living changes.

Statutes affected:
HB7 Original: 11:1(D)(4)