House Bill No. [insert bill number] amends the Louisiana Assessors' Retirement Fund by revising the provisions related to cost-of-living adjustments (COLAs) for retirees. The bill eliminates the board of trustees' authority to use excess investment earnings for COLAs, designating the funding deposit account (FDA) as the exclusive source for these adjustments. It also removes the $300 cap on annual COLAs, allowing increases to be based on the current benefit amount instead of the original benefit. Any approved COLA will take effect on October 1 following the board's approval. The bill maintains existing limitations on granting COLAs based on the retirement system's funded status, permitting increases only when the system is over 100% funded, while also introducing new criteria for calculating COLAs based on years of service and retirement.

Additionally, the bill proposes to amend existing restrictions on granting COLAs, which currently prevent the governing authority from approving them until after the regular legislative session and only if certain funding ratios are met. By removing these limitations, the bill aims to provide greater flexibility in granting COLAs. It also allows for an additional COLA of up to 2% for recipients aged 65 and older, funded through the FDA, which can be combined with other increases. The changes will take effect upon the governor's signature or after the lapse of time for gubernatorial action.

Statutes affected:
HB47 Original: 11:1404(A), 11:1481(1), 11:105(A)(1), 11:106(A)(1), 11:107(A)(1), 11:1(A)(1), 11:242(B)(1), 11:243(A)(1), 11:246(A)(1)