House Bill No. 22, introduced by Representative Bacala, amends the provisions related to the Clerks' of Court Retirement and Relief Fund, specifically addressing cost-of-living adjustments (COLAs) and employer contributions. The bill expands COLA eligibility to all retirees, beneficiaries, and survivors, increases the maximum COLA from 2.5% to 3%, and removes the previous cap of $40 per month. It establishes that COLAs will be funded through the funding deposit account and will begin after the board's approval of the latest actuarial valuation. Additionally, new criteria for granting COLAs based on the system's funded ratio are introduced, allowing for adjustments even when the funded ratio is below 100%, contingent on certain conditions.

The bill also modifies employer contributions, granting the board of trustees the authority to maintain or increase the employer contribution rate under specific circumstances. It continues the funding deposit account established in 2009 for accumulating surplus funds, which can be utilized for various purposes, including COLAs. Several outdated provisions related to COLA calculations and eligibility are repealed to streamline the process and enhance the board's management of retirement benefits. Furthermore, an amendment from the House Committee on Retirement changes the timing for when a COLA will take effect, allowing the board of trustees to determine the date. The bill will take effect upon the governor's signature or after the lapse of time for gubernatorial action.

Statutes affected:
HB22 Original: 11:105(A)(2), 11:106(A)(2), 11:107(A)(2), 11:1(A)(2), 11:242(B)(2), 11:243(A)(2), 11:246(A)(2)
HB22 Engrossed: 11:105(A)(2), 11:106(A)(2), 11:107(A)(2), 11:1(A)(2), 11:242(B)(2), 11:243(A)(2), 11:246(A)(2)