Session News #6: Direct funding bill fails to win passage
May 3, 2019The House Retirement Committee met yesterday and considered House Bill 19 (Rep. Pearson). The bill, which failed to pass out of committee, would have removed certain initial unfunded accrued liability (IUAL) payments attributable to K-12 employers from the minimum foundation program (MFP) funding and provided for direct payments of such funds to TRSL.
In other legislative news:
Term limits bill may be reconsidered at a later date: The Senate Retirement Committee meeting scheduled for Monday, April 29 was canceled. Senate Bill 14 (Sen. Peacock) may be reconsidered by the committee at a later date. This bill, in its current posture, would limit the ability of elected board members of state/statewide retirement systems from running for a term that would allow that board member to serve more than 12 or 15 consecutive years, depending on the board term.
Senate and House resolutions on Social Security Offsets signed: House Concurrent Resolution 20 (Rep. Jones) and Senate Concurrent Resolution 34 (Sen. Mizell), requesting that Congress consider eliminating the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions, have both been signed by the Speaker of the House and the Senate President and sent to the Louisiana Secretary of State. Information about the Social Security Offsets, WEP and GPO, can be found here on the TRSL website.
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.