AI-assisted research summary: The retirement system board may pay a permanent benefit increase starting July 1, 2022, but only for eligible retirees and beneficiaries and only if the increase is funded through the system’s experience account.
§1145.5. Permanent benefit increase; payable beginning July 1, 2022 A. Notwithstanding any provision of R.S. 11:1145.1, the board of trustees of the Louisiana School Employees' Retirement System may pay a permanent benefit increase, payable beginning July 1, 2022, 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 benefit increase paid pursuant of this Section shall be paid from the funds in the system's experience account. C. The amount of the increase 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 the 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. Except as provided in this Section, the benefit adjustment shall be granted in accordance with R.S. 11:1145.1. Acts 2022, No. 359, §1, eff. June 10, 2022.