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Committee backs 2% COLA for state retirees, raises benefit cap slightly
Summary
Rep. Bakala’s HB 23 would provide a 2% cost-of-living adjustment to Louisiana State Employees’ Retirement System beneficiaries; an amendment raised the cap applied to the COLA to $81,201, and the committee reported the bill favorably as amended.
Representative Bakala presented House Bill 23, proposing a 2% cost-of-living adjustment (COLA) for members of the Louisiana State Employees' Retirement System (LASERS). Bakala said the system has accumulated enough reserves to afford a modest COLA after a decade without increases: "They have enough money built up to do so. They wanna give a 2% raise, and I think it's time."
An amendment changed the benefit cap used in calculating the COLA from $80,000 to $81,201; staff explained the amendment is in the committee packet and is intended to account for cost changes over the past 10 years. Representative Field and others voiced support; Representative Taylor moved favorable passage and the committee reported HB 23 as amended with no objection.
