A. Notwithstanding any provision of La. Rev. Stat. 11:542 to the contrary, the board of trustees of the Louisiana State Employees’ Retirement System may pay a cost-of-living adjustment, payable beginning July 1, 2016, to the following retirees and beneficiaries:

            (1) Any retiree, other than a disability retiree, who has attained at least age sixty and who has received a benefit for at least one year.

            (2) Any nonretiree beneficiary whose receipt of benefits is not based on the death of a disability retiree, if benefits had been paid to the retiree or the beneficiary, or both combined, for at least one year and if the retiree would have attained age sixty.

            (3) Any disability retiree or a person who receives benefits from the system based on the death of a disability retiree, if benefits have been paid to the retiree or the beneficiary, or both combined, for at least one year.

            B. Any cost-of-living adjustment paid pursuant to the provisions of this Section shall be paid from the funds in the system experience account.

            C. The amount of the adjustment authorized by this Section shall be an amount determined by the system’s actuary that is supported by the funds in the experience account up to a maximum payment of one and one-half percent of the benefit amount. The funds in the account shall be sufficient to fund such benefit fully on an actuarial basis. If the legislative auditor’s actuary disagrees with the determination of the system’s actuary, a cost-of-living adjustment shall not be granted.

            D. The adjustment provided for in this Section shall be payable only on the first sixty thousand dollars of a retiree or beneficiary’s benefit.

            Acts 2016, No. 93, §1, eff. June 30, 2016; Acts 2016, No. 512, §1, eff. June 30, 2016; Acts 2022, No. 656, §3, eff. June 18, 2022.