What You Need to Know About the One-Time Supplemental Payment Act 656 (SB 5) passed in the 2022 General Session of the Louisiana Legislature authorizing a ONE-TIME ONLY supplemental benefit payment for eligible retirees and beneficiaries. This legislation was sponsored by Senator Ed Price, Chair of the Senate Retirement Committee, and LASERS because the average rank-and-file LASERS retiree had not received a Cost-of-Living Adjustment (COLA) since 2016. While there were not enough funds in the Experience Account to provide a typical COLA, Act 656 provides some relief in the form of a one-time supplemental payment to over 45,000 eligible LASERS retirees and beneficiaries. Who is eligible for the payment? Retirees and beneficiaries retired for at least one year as of June 30, 2022; Must be at least 60 years of age. Please DO NOT call LASERS to find out if you qualify for the one-time only payment. That determination will not be finalized until our eligible retiree list and payment amounts are reviewed and audited by staff. If you qualify, LASERS will mail notification letters on August 1. Notification will also be posted to your myLASERS account prior to August 1.

One-time payment will be equal to the lesser of the retiree or beneficiary’s current monthly benefit not to exceed $2,000. There will be no deductions made except for federal tax. The legislation authorizes payment to be made no later than September 15, 2022. More details are available at https://lasersonline.org/one-time-supplemental-payment/.

_{First row, left to right: Tina Grant, LASERS Executive Counsel; Cindy Rougeou, LASERS Executive Director; Governor John Bel Edwards Second row, left to right: Senator Ed Price; Jimmy Anthony, RSEA Administrative Director; Charles Castille, LASERS Legislative Chair; David Thomas, RSEA President; Victor Dennis, RSEA Legislative Chair}