This bill amends and reenacts R.S. 11:1549 and enacts R.S. 11:1550, while repealing several existing provisions related to the Clerks' of Court Retirement and Relief Fund. It introduces new guidelines for cost-of-living adjustments (COLAs) for retirees, beneficiaries, and survivors, allowing the board of trustees to grant these adjustments based on available funds and actuarial valuations. The bill specifies that COLAs can be granted under certain conditions related to the system's funded ratio and outlines the maximum amounts for these adjustments. Additionally, it establishes a funding deposit account to manage employer contributions and surplus funds, which can be used for various purposes, including reducing unfunded liabilities and providing COLAs.

The bill also repeals specific sections of existing law that previously governed COLAs and employer contributions, streamlining the process and providing the board with greater flexibility in managing retirement benefits. The new provisions aim to ensure that retirees receive appropriate adjustments while maintaining the financial health of the retirement system. The act will take effect upon the governor's signature or after the designated period for bills to become law without signature.

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)
HB22 Enrolled: 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 Act 279: 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)