Regular Session News #3: 2016 Legislative Session - Week in review
Dec 1, 2016The House appropriations committee favorably reported House Bill 422 by Rep. Beryl Amedee this week. HB 422 would create the Payment Toward State Debt Fund, to be funded by grants, donations, and legislative appropriations. At least 10% of the monies in the fund would be appropriated annually to TRSL and LASERS to be applied to the initial unfunded accrued liability (IUAL).
Also, Senate Bill 4 by Sen. Barrow Peacock passed the full Senate and heads next to the House retirement committee for consideration. The bill gives the TRSL Board of Trustees the limited flexibility to meet at least 10 times per year instead of the current monthly requirement.
The Senate retirement committee is scheduled to meet at 1:30 p.m., Monday, March 28. The following bills impacting TRSL are on the agenda:
- Senate Bill 5 (Peacock) would include non-investment related administrative expenses in the calculation of the required employer contribution rate.
- Senate Bill 18 (Peacock) would clarify provisions created in Act 399 of 2014 regarding excess investment earnings, employer contributions, and cost-of-living adjustments (COLAs).