Regular Session News #10: House Appropriations favorably reports two proposed constitutional amendments affecting TRSL
Apr 25, 2022
Today, the House Appropriations Committee favorably reported the following two bills affecting TRSL:
- House Bill 31 (Rep. Tarver), a constitutional amendment, as amended would allow the legislature to appropriate monies from the balance of nonrecurring state revenue (after certain allocations) to fund a one-time supplemental benefit to retirees, beneficiaries, and survivors of the four state retirement systems: TRSL, Louisiana State Employees’ Retirement System (LASERS), Louisiana School Employees’ Retirement System (LSERS), and Louisiana State Police Retirement System (LSPRS). The amendment removed all requirements that specific dollar amounts be appropriated for such purpose, therefore making the appropriation for this purpose permissive rather than mandatory.
- House Bill 29 (Rep. Nelson), a constitutional amendment, would require a minimum of 50% of nonrecurring state revenue to be appropriated to the UAL of the four state retirement systems (TRSL, LASERS, LSERS, and LSPRS) beginning FY 2023-24.
NOTE: If passed by a two-thirds vote of both chambers of the legislature, both pieces of legislation would go before Louisiana voters at the November 8 statewide election.
Other news:
Last week, the full House amended and passed House Bill 592 (Rep. Zeringue). This bill would make a supplemental appropriation of $48.1 million to the TRSL initial unfunded accrued liability (IUAL) from a portion of the FY 2020-21 surplus funds in the state treasury as required by the Constitution. The amendments were unrelated to the TRSL appropriation. House Bill 592 now awaits Senate introduction.