3rd Extraordinary Session News #6: UAL payment bill clears another legislative hurdle
Nov 20, 2024
Yesterday, the Senate Revenue and Fiscal Affairs committee reported House Bill 7 (Rep. Emerson) favorably with amendments. HB 7 seeks to revise the state constitution to require an additional, one-time payment to the unfunded accrued liability (UAL). The proposed payment is designed to reduce the employer contribution rate for TRSL-participating employers.While most of the amendments were technical in nature, one amendment added a date – May 1, 2025 – by which the state treasurer shall transfer the one-time UAL payment to TRSL.
HB 7 will be considered by the full Senate after Legislative Bureau review.
In other news…
House Bill 5 (Rep. Bacala) was reported favorably by both the Senate Education and the Senate Finance committees. HB 5 directs the savings realized from the reduced employer contribution rate for TRSL-participating employers, as enacted through HB 7, to fund permanent pay raises for teachers/school personnel and requires the state to provide any additional funds needed for those raises.
HB 5 will be considered by the full Senate after Legislative Bureau review.
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.