Regular Session News #8: Latest retirement bill action in Senate and House
Apr 29, 2021
The Senate moved Senate Bill 24 (Sen. Price) forward yesterday with unanimous passage. 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 House Retirement Committee for consideration.
The House Retirement Committee met today and considered the following legislation affecting TRSL.
- House Bill 22 (Rep. LaCombe) was amended and reported favorably. HB 22 would require all new employees, current employees of the Louisiana School Boards Association (LSBA) who have five or more years of service credit in TRSL, and the director of LSBA to become members of TRSL. Currently, LSBA employees are members of the Parochial Employees' Retirement System of Louisiana (PERS). The amendment would require LSBA to pay PERS a proportionate share of any unfunded accrued liability (UAL) associated with current employees who remain in PERS, upon their eventual separation from service from LSBA.
- House Concurrent Resolution 7 (Rep. M. Johnson) was also reported favorably with a technical amendment. HCR 7 requests that Congress review and eliminate or reduce the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions.