Posted: Jun 1, 2014 6:22 PM by Greg Renoud
BATON ROUGE - Governor Bobby Jindal held a ceremonial signing where several bills supporting state retirees were put into law.
The four bills, SB 16, SB 18, SB 19 and SB 21, made up the cost of living adjustment legislation. The bills allows cost of living adjustment to retirees in all four state retirement systems. The retirement systems are Louisiana State Police Retirement System, Louisiana State Employees' Retirement System, Louisiana School Employees' Retirement System and the Teachers' Retirement System of Louisiana.
The governor's office says the bills are expected to save tax payers billions of dollars over the next 30 years and make the system more financially stable.
Governor Jindal said, "Our state retirees worked long and hard throughout their lives to ensure a great retirement, and we want to make sure the system remains sustainable and strong for the current state employees who work hard on behalf of Louisianians every day. This legislation is a fiscally responsible way to give retirees a COLA and to reform the systems to make them financially stable for future retirees."