House Bill No. by Representative Bacala amends and reenacts R.S. 11:1549, enacts R.S. 11:1550, and repeals several sections of existing law related to the Clerks' of Court Retirement and Relief Fund. The bill modifies the provisions governing cost-of-living adjustments (COLAs) for retirees, beneficiaries, and survivors, allowing the board of trustees to grant COLAs based on the availability of funds in the funding deposit account. The maximum COLA is increased from 2.5% to 3%, and the previous cap of $40 per month is removed. Additionally, the bill specifies that COLAs can begin no earlier than January 1 following the board's approval of the most recent actuarial valuation.

The bill also provides the board of trustees with greater flexibility in setting employer contribution rates, allowing them to maintain or increase rates above the actuarially required minimum. It establishes a funding deposit account for surplus funds, which can be used for various purposes, including COLAs. The proposed law retains existing eligibility criteria for granting COLAs based on the system's funded ratio while removing certain limitations present in current law. Overall, the bill aims to enhance the financial stability and benefits of the Clerks' of Court Retirement and Relief Fund.

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)