§ 11:241 — Purpose; formula for distribution

§241. Purpose; formula for distribution
A. The purpose of this Subpart is to provide with respect to a system of cost-of-living
adjustments for retirees of public retirement systems, funds, and plans as specified herein.
The provisions of this Subpart do not repeal provisions relative to cost-of-living adjustments
contained within the individual laws governing the systems, funds, and plans affected by the
Subpart; however, the provisions of this Subpart are to be controlling in cases of conflicts
with the individual laws.
B. Any increase of benefits granted by the legislature or by a state or statewide public
retirement system shall be distributed in accordance with the provisions of this Subsection,
if the legislature or system does not otherwise specify the terms for such distribution. Any
such increase shall be a monthly increase of the benefit of each recipient in the dollar amount
equal to the total of the number of years of credited service accrued at retirement or at death
of the member or retiree plus the number of years since retirement or since death of the
member or retiree to the system's fiscal year end preceding the payment of the benefit
increase. If there are not sufficient funds to fund the benefit at the rate of one dollar per year
for such total number of years, then the rate shall be reduced in proportion to the amount of
funds that are available to fund the cost-of-living adjustment.

Legislative History

Added by Acts 1980, No. 798, §1, eff. Aug. 1, 1980; Redesignated from R.S. 42:711 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1995, No. 1017, §1, eff. June 29, 1995; Acts 2018, No. 113, §1.