Regular Session News #10: Senate Retirement Committee meets Monday
May 14, 2021
The Senate Retirement Committee is scheduled to meet at 2 p.m. on Monday, May 17 (agenda) to consider the following legislation affecting TRSL:
- House Bill 22 (Rep. LaCombe) would require all new employees, current employees of the Louisiana School Boards Association (LSBA) who have five or more years of service credit in TRSL, and the director of LSBA to become members of TRSL. Currently, LSBA employees are members of the Parochial Employees' Retirement System of Louisiana (PERS).
- House Concurrent Resolution 7 (Rep. M. Johnson) requests that Congress review and eliminate or reduce the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions.
PBI bill awaits final passage in the House
Senate Bill 24 (Sen. Price) would grant a minimum benefit increase to certain retirees, beneficiaries, and survivors of TRSL as well as the retirement systems for state employees, school employees, and state police.
TRSL retirees who meet the following criteria on June 30, 2021, would be granted a monthly benefit increase equal to the lesser of $300 or the difference between their current benefit and $1,450:
- At least 30 years of service credit
- Retired at least 15 years
- Receiving monthly retirement benefit of less than $1,450
- At least 60 years of age
- Never participated in DROP or ILSB
- Not receiving a benefit pursuant to a reciprocal agreement recognized by the system
SB 24 has not yet been scheduled for consideration. Stay tuned for future updates on this bill.