LRTA Legislative Update #9: 2022 Regular Session Ends. Hear the Latest from the LRTA Executive Director.
June 7, 2022A Better Bang for the Buck 3.0
June 29, 2022Eligible TRSL retirees, beneficiaries and survivors will receive a 2% permanent benefit increase (PBI) on July 1 pursuant to Act 657 of the 2022 Regular Legislative Session. This is the first regular PBI (also called a COLA) since 2016.
The PBI will be calculated on the first $68,396 in annual retirement benefits. The legislation authorizing the PBI was sponsored by Senate Retirement Committee Chairman Edward J. “Ed” Price and was signed into law by Gov. John Bel Edwards.
TRSL will mail a letter at the end of June to individuals eligible to receive the 2022 PBI. This letter will serve as notice to recipients of the benefit amount change resulting from the PBI.
Who is eligible for the PBI?
To be eligible, 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
When will the PBI be paid?
The benefit increase will be reflected in retirement payments starting July 1.
How will the PBI be funded?
The benefit increase will be paid through the Experience Account, which is funded with a portion of excess investment earnings.