La. Admin. Code tit. 58 § III-1303
Current through Register Vol. 50, No. 11, November 20, 2024
Section III-1303 - Cost-of-Living Adjustment-July 1, 1998A. Effective July 1, 1998, 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: $10 + W + 2X + Y + 2Z, where: 1. W = $1 per year since retirement or death of the member or retiree to June 30, 1997;2. X = $1 per year since retirement or death of the member or retiree in excess of 10 years as of June 30, 1997;3. Y = $1 per year of credited service at the time of retirement or death of the member or retiree;4. Z = $1 per year of credited service greater than 25.0 years at the time of retirement or death of the member or retiree.C. No increase in benefit shall be paid to any retiree, beneficiary or survivor unless such person was receiving benefits on or prior to June 30, 1997. 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 June 30, 1997.La. Admin. Code tit. 58, § III-1303
Promulgated by the Department of the Treasury, Board of Trustees of the Teachers' Retirement System of Louisiana, LR 24:1138 (June 1998).AUTHORITY NOTE: Promulgated in accordance with R.S. 11:787.D and 11:883.1.