The Municipal Police Employees Retirement System of Louisiana this week approved the first permanent cost-of-living increase for its members since January of 2002.
Members of the system will get a 3 percent COLA starting November 1, 2014. More details from KATC:
Retirees, surviving spouses and disabled employees will receive a three percent increase beginning November 1, 2014. Eligible members will receive a minimum increase of $20 per month.
The Board of Trustees voted unanimously to approve the increase at its monthly meeting. Members include Commissioner of Administration Kristy Nichols, Treasurer John Kennedy, and elected members of the municipal police community.
“It’s important that we continue to support the men and women who spent their careers protecting the people of Louisiana,” said Commissioner Nichols. “A permanent increase means they can better plan for the future.”
The last permanent cost of living adjustment (COLA) was a 2.7 percent increase in January 2002.
Act 113 of the 2008 Regular Session gave the board the authority to grant a three percent COLA to eligible retirees, survivors (widows and widowers), and beneficiaries. The Act was effective on July 1, 2008 and is a one-time only COLA.
According to the Act, the board cannot give another COLA until 2018.
Photo credit: “2002 LA Proof” by United States Mint. Licensed under Public domain via Wikimedia Commons