On Thursday, the House Retirement Committee voted to favorably to report Senate Bill 24 (Sen. Price), which 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
This bill would grant the minimum benefit increase to beneficiaries and survivors of deceased members who meet or would have met the above criteria.
SB 24 now moves to the House for consideration.
In other legislative news:
This week, the full House passed two bills affecting TRSL:
House Bill 516 (Rep. Zeringue) would make a supplemental appropriation of $18.6 million to the TRSL initial unfunded accrued liability (IUAL) from a portion of the FY 2019-20 surplus funds in the state treasury, and as amended on the floor, it would make an additional appropriation of $10,178,704 to the IUAL directly from state general funds.
House Bill 22 (Rep. LaCombe) 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).
Both HB 516 and HB 22 will now move to the Senate for consideration. |
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