LA HB7

Removes the prohibition preventing the Firefighters' Retirement System (FRS) from using its funding deposit account to pay cost-of-living increases to retirees

Amends R.S. 11:107.1(D)(4)(a) and repeals R.S. 11:107.1(D)(4)(c) to allow FRS the same flexibility as other statewide retirement systems

Funding deposit accounts can currently be used for four purposes: reducing unfunded accrued liability, reducing future employer contributions, reducing present value of future normal costs, and paying cost-of-living increases

FRS was previously the only system explicitly prohibited from using deposit account funds for cost-of-living adjustments; this bill eliminates that restriction