§542.1.2. 2021 minimum benefit increase; payment from experience account

            A. A monthly minimum benefit increase shall be payable to:

            (1) Each retiree of the system who, on June 30, 2021, meets all of the following criteria:

            (a) He has thirty or more years of service credit, exclusive of unused leave.

            (b) He has been retired for fifteen years or more.

            (c) He receives a monthly retirement benefit of less than one thousand four hundred fifty dollars.

            (d) He is at least sixty years of age.

            (e) He has neither participated in the Deferred Retirement Option Plan pursuant to R.S. 11:447 nor chosen an Initial Benefit Option pursuant to R.S. 11:446(A)(5).

            (2) Each nonretiree beneficiary receiving a benefit on June 30, 2021, who, as of June 30, 2021, meets all of the following criteria:

            (a) The deceased member had thirty or more years of service credit exclusive of unused leave.

            (b) The retiree and nonretiree beneficiary, or both combined, have received a benefit for at least fifteen years.

            (c) The nonretiree beneficiary receives a monthly retirement benefit of less than one thousand four hundred fifty dollars.

            (d) The deceased member would be at least sixty years of age had he lived.

            (e) The deceased member neither participated in the Deferred Retirement Option Plan pursuant to R.S. 11:447 nor chose an Initial Benefit Option pursuant to R.S. 11:446(A)(5).

            (3) Any unmarried surviving spouse, any surviving minor child, or any surviving totally physically handicapped or mentally disabled child of a deceased member which survivor is receiving a monthly retirement benefit pursuant to R.S. 11:471 of less than one thousand four hundred fifty dollars if, on June 30, 2021, all of the following apply to the deceased member:

            (a) He had at least thirty years of service credit, exclusive of unused leave.

            (b) He has been deceased for fifteen years or more.

            (c) He would have been at least age sixty.

            (d) He had not participated in the Deferred Retirement Option Plan pursuant to R.S. 11:447 and had not chosen an Initial Benefit Option pursuant to R.S. 11:446(A)(5).

            B. Each person to whom this Section applies, except as provided in Subsection C of this Section, shall have his current monthly retirement benefit amount increased by the lesser of:

            (1) Three hundred dollars.

            (2) The difference between one thousand four hundred fifty dollars and his current monthly benefit amount.

            C.(1) Notwithstanding Subsection B of this Section, if any nonretiree beneficiary to whom this Section applies is receiving a monthly benefit amount based upon an optional allowance pursuant to R.S. 11:446(A)(1) through (4), which amount is less than that received by the retiree while alive, the amount of the increase that would otherwise be payable pursuant to Subsection B of this Section shall be prorated based upon the option selected.

            (2) Notwithstanding Subsection B of this Section, if a survivor to whom Paragraph (A)(3) of this Section applies is the sole survivor receiving a benefit pursuant to R.S. 11:471, he shall have his current monthly retirement benefit increased by the lesser of three hundred dollars or the difference between one thousand four hundred fifty dollars and his current monthly benefit amount. If there are multiple survivors to whom Paragraph (A)(3) of this Section applies, such survivors shall share equally a monthly benefit increase of three hundred dollars.

            D. The provisions of this Section shall not apply to any retiree, nonretiree beneficiary, or survivor receiving a benefit pursuant to a reciprocal agreement recognized by the system.

            E. The actuarial cost of implementing the provisions of this Section shall be paid from the employee experience account.

            F. The increase provided pursuant to this Section shall begin on July 1, 2021.

            Acts 2021, No. 37, §1, eff. June 1, 2021.