La. Admin. Code tit. 58 § III-1301
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-1301 - Cost-of-Living Adjustment-July 2, 1995A. Effective July 2, 1995, the Board of Trustees of the Teachers' Retirement System of Louisiana shall increase the retirement benefit or other benefit of each retiree, or the beneficiary or survivor of any member eligible to receive benefits on account of the death of the member or retiree. This increase in benefit shall be provided from the Employee Experience Account held at the Teachers' Retirement System of Louisiana.B. The increase in benefit granted from the Employee Experience Account shall be a monthly increase in the benefit of each eligible recipient, as determined in accordance with the formula, X (A + B + C), where:1. A = the number of years of credited service accrued at the time of retirement or death of the member or retiree;2. B = the number of years since retirement or since death of the member or retiree to July 1, 1994;3. C = the number of years of service credit greater than 30 years; andC. No increase in benefit shall be paid to any retiree, beneficiary, or survivor unless such person was receiving benefits on, or prior to, July 1, 1994. In addition, no increase in benefits shall be paid to any former participant of the Deferred Retirement Option Plan unless both plan participation and employment were terminated by the plan participant on, or prior to, July 1, 1994.La. Admin. Code tit. 58, § III-1301
Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 21:473 (May 1995), repromulgated LR 24:504 (March 1998).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:787.D and 11:883.