3rd Extraordinary Session News #3: UAL payment legislation passes first step; teacher pay raise bill scheduled next week
Nov 8, 2024
Today, the House Ways and Means committee favorably reported House Bill 7 (Rep. Emerson) with amendments. HB 7 would amend the state constitution to allow an additional, one-time payment to the unfunded accrued liability (UAL), which is designed to reduce the employer contribution rate for TRSL-participating employers.The amendments were technical in nature with no substantive effect on the UAL payment proposal.
HB 7 now heads to the House floor for consideration.
Coming up next week…
The House Education committee will consider House Bill 5 (Rep. Bacala) at 9:00 a.m. on Tuesday, November 12 (agenda). HB 5 directs the savings realized from the reduced employer contribution rate for TRSL-participating employers, as enacted through HB 7, to fund permanent teacher/school personnel pay raises.
TRSL will keep you informed about the status of retirement-related bills being monitored throughout the special session. You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the “Legislation” page of this website, to see any special session legislation impacting the retirement system. Stay tuned for future updates.