Regular Session News #5: TRSL and LASERS give joint presentation to House retirement committee
Aug 1, 2016TRSL Director Maureen Westgard and Cindy Rougeou, LASERS Executive Director, gave a joint presentation today on the state of the systems to the House retirement committee. The presentation highlighted each system's membership, investment, and actuarial information. It also included an overview of the pension reform measures taken over the last 25-plus years with a combined $8 billion in projected long-term savings to the state.
In other retirement news: The full Senate passed Senate Bill 5 by Sen. Barrow Peacock on Wednesday. SB 5 would include non-investment related administrative expenses in the calculation of the required employer contribution rate beginning the first fiscal year in which this change will not increase the employer contribution rate. It now goes to the House retirement committee for consideration.
The Senate retirement committee will meet at 1:00 p.m., Monday, April 4. The following bills affecting TRSL will be considered:
- Senate Bill 2 (Peacock) would provide up to a 1.5% permanent benefit increase (also known as a COLA) to eligible retirees of TRSL and LASERS and up to a 2.0% permanent benefit increase for eligible LSERS and State Police retirees.
- Senate Bill 17 (Peacock) would allow active optional retirement plan (ORP) members an open window to become a member of the TRSL defined benefit retirement plan.
- 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).
- Senate Bill 372 (Peacock) would require actuarial notes for pre-filed bills to be filed at least 5 days prior to the beginning of the regular session.
A list of legislation impacting TRSL, including the positions taken by the TRSL Board of Trustees on each bill, is available on the Legislation page of our website.