Commissioner of Administration and Retirement Board Approve Cost of Living Increase for Law Enforcement
BATON ROUGE - The Municipal Police Employees Retirement System Wednesday approved the first permanent cost of living adjustment for retirees in more than 10 years. Retirees, surviving spouses and disabled employees will receive a three percent increase beginning on 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. The board will not be eligible to give another COLA for 4 more years.