Senate Bill No. by Senator Talbot amends and reenacts R.S. 11:2073, enacts R.S. 11:2145, and repeals several provisions related to the Registrars of Voters Employees' Retirement System (ROVERS). The bill establishes a funding deposit account specifically for cost-of-living adjustments (COLAs) for retirees, beneficiaries, and survivors. It allows the board of trustees to grant COLAs based on the system's funding status, with specific thresholds for when increases can be granted. The bill clarifies that COLAs will be calculated based on the current benefit rather than the original benefit and specifies that these increases will begin on July 1 following board approval.

Additionally, the bill removes the authority to use excess investment earnings for COLAs, making the funding deposit account the sole source for these adjustments. It retains the existing eligibility criteria for COLAs based on the system's funding level and the time since the last increase. The board is also authorized to grant a supplemental COLA of up to 2% for recipients aged 65 and older, which may be in addition to other increases. The bill aims to ensure the financial sustainability of the retirement system while providing necessary adjustments to benefits for eligible members.

Statutes affected:
SB17 Original: 11:105(A)(6), 11:106(A)(4), 11:107(A)(5), 11:1(A)(5), 11:242(B)(6), 11:243(A)(6), 11:246(A)(6)