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Regular Session News #1: 2021 Legislative Session starts Monday, four bills could affect TRSL

Apr 6, 2021

The 2021 Regular Legislative Session begins Monday, April 12, and TRSL is monitoring the following bills that could impact the retirement system and its members:

Senate bills affecting TRSL
  • Senate Bill 22 (Sen. Peacock) would change retirement eligibility for new hires in TRSL, LASERS, and LSERS whose first employment makes them eligible for membership in a state retirement system on or after July 1, 2021. Members hired on/after this date could retire under the following eligibility criteria:
    • five years of service at the higher of age 67 or the age of retirement set by the Social Security Administration;
    • 40 years of service at age 62; or
    • 20 years of service at any age (actuarially reduced).
  • Senate Bill 24 (Sen. Price) would grant a minimum benefit increase to certain retirees, beneficiaries, and survivors of the TRSL as well as the Louisiana State Employees' Retirement System (LASERS), the Louisiana School Employees' Retirement System (LSERS), and the Louisiana State Police Retirement System (LSPRS).
As currently written, TRSL retirees who meet the following criteria on June 30, 2021, would be granted a monthly benefit increase equal to the lesser of $300 or the difference between their current benefit and $1,450:  
  • At least 30 of service credit
  • Retired at least 15 years
  • Receiving monthly retirement benefit of less than $1,450
  • At least 60 years of age
  • Never participated in DROP or ILSB/IBO
  • Not receiving a benefit pursuant to a reciprocal agreement recognized by the system
This bill would also grant the minimum benefit increase to beneficiaries and survivors of deceased members who meet or would have met the above criteria.

House bills affecting TRSL
  • House Bill 22 (Rep. LaCombe) would require all new employees and some current employees of the Louisiana School Boards Association (LSBA) to be transferred to or become members of TRSL. Currently, LSBA employees are members of the Parochial Employees' Retirement System of Louisiana.
  • House Bill 516 (Rep. Zeringue) would make a supplemental appropriation of $18.6 million to the TRSL initial unfunded accrued liability (IUAL) from a portion of the FY 2019-20 surplus funds in the state treasury.
Retirement bills are typically heard first in either the House or Senate retirement committee. The chair of the Senate Retirement Committee is Sen. Edward J. “Ed” Price, and the chair of the House Retirement Committee is Rep. Lance Harris.

TRSL will keep you informed about the status of bills being monitored throughout the session.

You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the “Legislation” page of this website, to see all legislation impacting the retirement system. Stay tuned for future updates. 
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