2006 Louisiana Laws - RS 11:1331 — Annual supplemental monthly cost-of-living adjustments; exemption from state income taxes; garnishment

§1331.  Annual supplemental monthly cost-of-living adjustments; exemption from state income taxes; garnishment

A.  In addition to and notwithstanding any other provision of law to the contrary, the State Police Retirement Board shall provide annual supplemental monthly cost-of-living adjustments, with payments to be effective July first of each year to persons who retired from the State Police Pension and Retirement System and widows of persons who retired and died, provided the adjustment shall not exceed an amount which, together with the monthly retirement or beneficiary allowance received by the member or survivor prior to July 26, 1972, exceeds five hundred dollars.  Supplemental adjustment shall be based on the difference between the annual average all-items Consumer Price Index of the two immediately preceding calendar years and shall be computed on the last retirement or survivor's benefit.  The supplemental monthly cost-of-living adjustment shall not be increased or decreased more than two percent in any year nor shall it be decreased below the base benefit of the retiree or beneficiary nor increased to more than a maximum of twenty-five percent.  Widows of persons who retired before January 1, 1960, and who died after January 1, 1963, shall have paid to them in lump sum on or before August 1, 1972, the same cost-of-living benefits authorized in R.S. 11:1330, retroactive from July 1, 1969, to June 30, 1972.  

B.  All retirement income payable to retirees and their beneficiaries shall be exempt from state income taxes.  All retirement benefits payable to retirees shall be subject to garnishment or court-ordered assignment only as provided for in R.S. 11:292.  

Added by Acts 1972, No. 243, §2; Acts 1986, No. 767, §6; Redesignated from R.S. 40:1442.1 by Acts 1991, No. 74, §3, eff. June 25, 1991.