Regular Session News #11: Legislation affecting TRSL advances to full Senate
Apr 29, 2024
Today, the Senate retirement committee favorably reported bills impacting the Optional Retirement Plan (ORP) and return to work (RTW) provisions. The committee also advanced the Social Security offset resolution. These legislative instruments will move forward to the full Senate for consideration:- House Bill 31 (Rep. Freiberg) would provide a window for active, contributing ORP participants to join the TRSL defined benefit plan. The ORP is a defined contribution retirement plan similar to a 401(k).
- House Bill 967 (Rep. Riser) would add critical shortage provisions in the return-to-work law for retirees who retired on or after July 1, 2020. The bill would also expand critical shortage provisions to allow for part-time re-employment in certain positions for all retirees.
- House Concurrent Resolution 20 (Rep. M. Johnson) asks Congress to review the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) Social Security benefit reductions and to eliminate or reduce them by supporting H.R. 82 and S. 597 of the 118th Congress and all similar purposed legislation.
Coming up this week…
The House retirement committee will meet at 9:30 a.m., Wednesday, May 1 (agenda) to consider several retirement bills including a reconsideration of the investment-related House Bill 902 (Rep. Melerine). As currently written, HB 902 would add restrictions related to proxy voting on shareholder-sponsored proposals and would add new duties and liability to proxy advisory firms working with Louisiana retirement systems. A previous substitute bill did not advance out of committee.
TRSL will keep you informed about the status of bills being monitored throughout the session. You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the Legislation page of this website, to see all legislation impacting the retirement system.
Stay tuned for future updates.