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Lafayette council approves cost-of-living increase
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LAFAYETTE, La. (AP) - The Lafayette City-Parish Council has approved a 2 percent cost-of-living increase for certain retired city police officers and firefighters.
When the city police and fire pension systems merged with statewide retirement systems in 1998, local government agreed to provide up to 2 percent annually in cost-of-living increases if the state did not do so.
Chief Financial Officer Lorrie Toups tells The Advertiser (http://bit.ly/1fgwJJL) the annual increase is based on the Consumer Price Index, which is 1.5 percent for 2013. The state is not granting any cost-of-living increase this year so the council was asked to do so.
For retired firefighters, the cost is $308,252 paid through the Firemen’s Pension and Relief Fund. The 2 percent increase for retired police officers is $311,561.
Information from: The Advertiser, http://www.theadvertiser.com
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