March benefit payments: TRSL’s payment of March 1st regular retirement benefits falls on a weekend, so your bank may post this payment to your account on the next business day. Please contact your bank if you need information about the posting of this payment.
 

Session News #9: Short session closes with few bills impacting TRSL

Jun 6, 2019

The 2019 legislative session, which began April 8, ended today. TRSL monitored five pieces of legislation that would have impacted the retirement system. Ultimately, only two resolutions relating to Social Security offsets gained final passage.

House Concurrent Resolution 20 (Rep. Jones) and Senate Concurrent Resolution 34 (Sen. Mizell) both request that Congress review and consider eliminating the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions. Although these resolutions have no effect of law, state lawmakers have passed them multiple times over the years to urge action on this issue at the federal level. You can read more about Social Security offsets affecting TRSL benefit recipients here

Bills that did not pass

House Bill 28 (Rep. Ivey) would have established a hybrid retirement benefit structure for TRSL and the state retirement systems for state employees, school employees, and state police. HB 28 was voluntarily deferred by its author in the House retirement committee.

Senate Bill 14 (Sen. Peacock) would have limited the ability of an elected board member 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. Although the bill was considered and amended in the Senate retirement committee, a vote on it was never taken.

House Bill 19 (Rep. Pearson) would have removed certain initial unfunded accrued liability (IUAL) payments attributable to K-12 employers from the minimum foundation program (MFP) funding and would have provided for direct payments of such funds to TRSL. The bill did not advance out of the House retirement committee.
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