3rd Extraordinary Session News #5: UAL payment bill to be heard in Senate committee on Sunday
Nov 15, 2024
House Bill 7 (Rep. Emerson) is scheduled to be heard in the Senate Revenue and Fiscal Affairs committee at 1:30 p.m. on Sunday, November 17 (agenda). HB 7 seeks to revise the state constitution to require an additional, one-time payment to the unfunded accrued liability (UAL), which is designed to reduce the employer contribution rate for TRSL-participating employers.In other news…
On Thursday, the full House amended and passed House Bill 5 (Rep. Bacala). HB 5 directs the savings realized from the reduced employer contribution rate for TRSL-participating employers, as enacted through HB 7, to fund pay raises for teachers/school personnel and requires the state to provide any additional funds needed for those raises.
The amendment requires school systems to use any savings beyond what is needed to fund the pay raises for instruction, school administration, or school security enhancements.
HB 5 is scheduled to be heard by the Senate Education committee at 11:00 a.m. on Monday, November 18 (agenda).
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.