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Regular Session News #9: Military service credit bill gets nod in House retirement; what's coming up next week

Apr 20, 2018

The House retirement committee passed SB 17 by Sen. Barrow Peacock earlier this week. The bill would create consistency among state and statewide retirement systems in the application of state and federal law related to military service credit purchases. SB 17 will now be considered by the full House.
 

Coming up next week

The Senate retirement committee is scheduled to meet at 9 a.m., Monday, April 23. The following bill affecting TRSL is on the agenda:
 
  • HB 12 (Rep. Ivey) would require PRSAC to submit to the legislature the final approved valuation for each public retirement system and all additional assumptions and valuations it receives; also requires the legislative auditor to prepare and submit to the legislature and House and Senate retirement committees a summary of all disparities between the various assumptions and valuations presented to PRSAC for each system.
 

The House retirement committee is scheduled to meet at 9 a.m., Friday, April 27. The following bills affecting TRSL are on the agenda:
  • SB 4 (Sen. Peacock) would restrict the duties of Board-appointed actuaries to actuarial matters and reaffirms the ability of state and statewide retirement systems to appoint independent actuaries.
  • SB 6 (Sen. Peacock) would prohibit a TRSL member with at least five years of TRSL service credit from retaining membership in TRSL if they move to a position covered by the Clerks' of Court Retirement and Relief Fund.
  • SB 13 (Sen. Peacock) would remove the Public Retirement Systems' Actuarial Committee (PRSAC) from the state Department of Treasury and would restrict chair and vice-chair duties on PRSAC to the Senate President and House Speaker or their designees. 
 

Bills scheduled in the full House or Senate
 
The full House will consider the following bills early next week:
  • HB 13 (Rep. Miller) would add presenter of professional development to the list of “re-employment eligible positions” allowing retirees to return to work and continue to receive a benefit check (after the required waiting period), subject to a 25% of annual benefit earnings limit. This bill is scheduled for a vote of the full House on Monday, April 23.
  • HB 696 (Rep. Pearson) would add tutor for any student in Pre-K through twelfth grade to the list of “re-employment eligible positions” allowing retirees to return to work and continue to receive a benefit check (after the required waiting period), subject to a 25% of annual benefit earnings limit. This bill is scheduled for a vote of the full House on Tuesday, April 24.
  • HB 14 (Rep. Smith) would do the following:
    • Add interpreter, educational transliterator, or educator of the deaf or hard of hearing and full- or part-time pre-K teachers to the list of “re-employment eligible critical shortage positions” allowing retirees to return to work without a reduction of benefits (after the required waiting period and certification of shortage);
    • Add clerical office positions in K-12 schools to the list of “re-employment eligible positions” allowing retirees to return to work (after the required waiting period), subject to a 25% of annual benefit earnings limit; and
    • Add retirees who have been retired for at least five years to the definition of “re-employment eligible retiree” who can return to work (after the required waiting period) without a reduction of benefits. This would replace the current law’s ‘grandfather’ provision requiring “retirement on or before June 30, 2010.” This bill is scheduled for a vote of the full House on Monday, April 23.
 
The full Senate will consider the following bills early next week:
  • 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 is scheduled for a vote of the full Senate on Monday, April 23.
  • 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. Although SB 14 does not affect TRSL, we are monitoring the legislation. SB 14 is scheduled for a vote of the full Senate on Monday, April 23.

A complete list of legislation affecting TRSL, along with the positions taken by the TRSL Board of Trustees for each bill, is available on the legislation page of our website, www.TRSL.org.
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