-Consolidates payment schedules and readjusts the net outstanding balances for the Louisiana State Employees' Retirement System and the Teachers' Retirement System of Louisiana by adding any missed payments to the principle balance (Sec. 1).
-Provides for an application of certain future gains and contributions to such schedules and other components of annual required employer contributions (Sec. 1).
-Consolidates the outstanding 1988 UAL balance of each system with other amortization schedules and credits (Sec. 1).
-Amends the conditions under which a permanent benefit increase, previously known as a cost-of-living increase, is granted (Sec. 1).