Regular Session News #5: Senate Retirement Committee advances two resolutions

May 12, 2020

On Monday, the Senate Retirement Committee reported the following resolutions favorably:

• Senate Concurrent Resolution 34 (Sen. Mizell) requests that Congress consider eliminating or reducing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions.
• Senate Resolution 15 (Sen. Price) urges and requests that state retirement systems report to the legislature on alternative methods for providing permanent benefit increases to retirees.

Both resolutions are now scheduled for Senate floor action today, May 12.
 
In other legislative news:
 
The Senate Finance Committee reported Senate Bill 189 (Sen. White) favorably. SB 189 would transfer the funds from the state treasury necessary to make a supplemental appropriation to the TRSL initial unfunded accrued liability (IUAL) from the FY 2018-19 surplus. The Louisiana Constitution requires 10% of nonrecurring revenue to be appropriated toward the IUAL of TRSL and the Louisiana State Employees' Retirement System (LASERS) for this purpose.

SB 189 is scheduled for final passage by the full Senate today, May 12.

Visit the “Legislation” page of the TRSL website, www.TRSL.org, to see all legislation impacting the retirement system. 
 
Stay tuned for future updates.