3rd Extraordinary Session News #4:House passes UAL payment bill; teacher pay raise bill also moves forward
Nov 12, 2024
House Bill 7 (Rep. Emerson) continues to make headway at the legislature, achieving passage in the full House today. An amended HB 7 seeks to revise 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 moves to the Senate for consideration.
In other news…
Today, the House Education committee favorably reported House Bill 5 (Rep. Bacala) with amendments. 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.
The amendments included provisions for state funding if individual district savings realized from HB 7 do not adequately cover the raises and other technical changes.
HB 5 now goes to the House Appropriations committee for consideration.
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.