Louisiana Revised Statutes 11:3050 – Cost-of-living adjustments
Terms Used In Louisiana Revised Statutes 11:3050
- Board: shall mean the Retirement Board of the City of Bogalusa Retirement System. See Louisiana Revised Statutes 11:3033
- City: shall mean the city of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
- Council: shall mean the City Commission Council of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
- Effective date: shall mean July 1, 1953. See Louisiana Revised Statutes 11:3033
- System: shall mean the City of Bogalusa Retirement System. See Louisiana Revised Statutes 11:3033
The retirement board may provide from interest income from investments in excess of normal requirements as determined by actuarial study, provided the retirement system is approaching actuarial soundness, annual cost-of-living adjustments to recipients of benefits which were in effect two years prior to the effective date of the cost-of-living adjustment, in an amount not to exceed two percent for each year from the effective date of the benefit. Such cost-of-living adjustments shall not become effective and paid unless such excess funds are available and until the manner and amount of payment is approved by the board of the retirement system and the city council.
Acts 1982, No. 164, §1; Acts 1987, No. 609, §1; Designated from Acts 1990 No. 440, §1, by Acts 1991, No. 74, §3, eff. June 25, 1991.