Regular Session News #14: Governor signs PBI bill
Jun 2, 2021
Yesterday, Gov. John Bel Edwards signed Act 37 of 2021 (formerly Senate Bill 24), which grants a minimum benefit increase to certain retirees, beneficiaries, and survivors of TRSL as well as the retirement systems for state employees, school employees, and state police.
TRSL retirees who meet all of the following criteria on June 30, 2021, will receive a monthly benefit increase equal to the lesser of $300 or the difference between their current benefit and $1,450:
- At least 30 years 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
- Not receiving a benefit pursuant to a reciprocal agreement recognized by the system
Beneficiaries and survivors, if eligible, would receive a benefit increase in the following amounts:
- Beneficiaries: An amount equal to the lesser of $300 or the difference between $1,450 and the beneficiary’s current benefit prorated based on the option the deceased retiree selected.
- Survivors: An amount equal to the lesser of $300 or the difference between $1,450 and the survivor’s current benefit; multiple survivors would split $300.
Members who have questions about eligibility for the benefit increase, please Ask TRSL.