Regular Session News #6: PBI bill moves to the full Senate
Apr 26, 2021
The Senate Finance Committee met today and reported Senate Bill 24 (Sen. Price) favorably. SB 24 would grant 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 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 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
SB 24 now moves to the full Senate for consideration.
The full Senate will reschedule Senate Bill 22 (Sen. Peacock) for consideration on a later date. As currently written, SB 22 would change retirement eligibility criteria 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 July 1, 2021 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).