Bill > HB23

This bill, concerning the Louisiana State Employees' Retirement System (LASERS), allows the board of trustees to grant a cost-of-living adjustment (COLA) to eligible retirees and beneficiaries starting July 1, 2026, funded solely from the system's "experience account," which holds surplus funds. Eligibility for the COLA includes retirees (excluding disability retirees) who are at least sixty years old and have received benefits for at least one year by June 30, 2026, as well as non-retiree beneficiaries whose deceased retiree would have met these age and benefit duration requirements. Disability retirees and their beneficiaries are also eligible if they have received benefits for at least one year by the same date. The COLA will apply only to the first $81,201 of an eligible person's benefit, with the exact amount determined by actuaries and capped at a maximum of two percent of the eligible benefit, ensuring the adjustment is supported by the experience account balance. The cost of this adjustment is to be covered by additional employer contributions as required by the Louisiana Constitution.