TRSL Board of Trustees Recommends 2% COLA
November 5, 2021Baton Rouge, La. — At its November board meeting yesterday, the TRSL Board of Trustees recommended that a 2% COLA be paid to eligible retirees next year.
In a resolution addressed to the Louisiana Legislature, the board took the first step in the granting process for what would be the first regular permanent benefit increase (also called COLA or PBI) since 2016.
The next step is for a bill granting the COLA to be filed for consideration in the 2022 legislative session that begins in March. The bill would need to be approved by at least two-thirds of the Legislature and become law.
Once the bill is enacted, TRSL would be able pay the COLA on July 1, 2022 to all TRSL retirees and beneficiaries meeting eligibility criteria by that date.
To be eligible for the COLA, the following requirements must be met on or before July 1, 2022.
- Regular retiree: Must have received a benefit for at least one year and be at least 60 years of age
- Disability retiree: Must have been retired at least one year regardless of age
- Beneficiary of retiree: Retiree or beneficiary (or both combined) must have received a benefit for at least one year, and the deceased retiree would have been at least 60 years of age at the time the PBI is payable
- Survivor of non-retired member: Must have received a benefit for at least one year and the benefits must have originated from the service of a deceased member who would have been at least 60 years of age at the time the PBI is payable