Regular Session News #8: Senate retirement moves one investments-related bill forward
Apr 17, 2018
The Senate retirement committee met yesterday afternoon and passed the following bill related to the investments of state and statewide retirement systems:- HB 34 (Rep. Pearson) would allow state and statewide retirement systems to allocate a portion of their investments to a terror-free fund rather than a terror-free index fund as currently required by law. This bill will now be considered by the full Senate.
- SB 530 (Sen. Milkovich) would require the TRSL Board of Trustees to review all investment contracts and reduce the investment fees paid by half by June 30, 2025. The bill would apply savings generated from the review and reduction of fees to pay down the UAL and to reduce employer contributions.
In other legislative matters:
The Senate finance committee met this morning. No bills directly affecting TRSL were considered. However, the committee passed SB 14 (Sen. Peacock), which TRSL is monitoring.
- SB 14 would establish a hybrid retirement plan within the Louisiana State Employees’ Retirement System (LASERS) for rank-and-file state workers hired on or after January 1, 2020. The hybrid retirement plan would consist of a defined benefit component (with a 1.5% accrual rate) as well as a defined contribution component. SB 14 will now be considered by the full Senate.
The House retirement committee is scheduled to meet at 9 a.m., Wednesday, April 18. The following bill affecting TRSL is on the agenda:
- SB 17 (Sen. Peacock) would create consistency among state and statewide retirement systems in the application of state and federal law related to military service credit purchases.
Tune in & watch live: You can watch live retirement committee meetings online at www.legis.la.gov. Click on the TV icon for any meeting in progress that you'd like to view. Archived broadcasts are available here.