Louisiana Revised Statutes 11:1937 – Cost-of-living adjustment
Terms Used In Louisiana Revised Statutes 11:1937
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- board of trustees: means the board of trustees of this system. See Louisiana Revised Statutes 11:1902
- Earnings: shall mean the full rate of compensation paid to the member (employee); however, in computing the earnings of an employee for retirement purposes, the amount of overtime earnings to be used in the computation of earnings cannot exceed the average amount of overtime earnings received for the six-year period immediately preceding retirement. See Louisiana Revised Statutes 11:1902
- Plan A: means the revised plan to replace a combination of the regular and supplemental plans, to be effective January 1, 1980, as outlined in Part III. See Louisiana Revised Statutes 11:1902
- Plan B: means the revised plan to replace the regular plan, to be effective January 1, 1980, as outlined in Part IV. See Louisiana Revised Statutes 11:1902
- Plan C: means the plan to be effective July 1, 1997, as outlined in Part IV-A of this Chapter. See Louisiana Revised Statutes 11:1902
- retirement system: means the Parochial Employees' Retirement System of Louisiana, established as of January 1, 1953, defined in Chapter 5, Title 11 of the Louisiana Revised Statutes, and as subsequently amended. See Louisiana Revised Statutes 11:1902
The board may use investment earnings on Plan A, Plan B, and Plan C investments in excess of normal requirements as determined by actuarial valuation to provide an annual cost-of-living adjustment to recipients of benefits of the respective plan, aged sixty-two or over, who have been retired at least one year, in an amount not to exceed two and one-half percent for each year from the effective date of the benefit. Such cost-of-living adjustment shall be paid only when such excess funds are available and in such manner and amount as determined by the board. Any adjustments to benefits for cost-of-living changes made by formal action of the board of trustees as provided herein shall be considered amendments to the provisions of the retirement system, except that it shall not be considered an increase in benefits by reason of an amendment made after October 14, 1987, as described in La. Rev. Stat. 11:1930 and 1931. If made by formal action of the board of trustees, such changes must be disclosed to members of the retirement system.
Acts 1979, No. 765, §1; Acts 1990, No. 450, §1; Redesignated from La. Rev. Stat. 33:6133 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2001, No. 695, §1, eff. Jan. 1, 2002.