Regular Session News #11: Actuary, membership, and PRSAC bills move forward
Apr 27, 2018
Today the House retirement committee passed three bills sponsored by Sen. Barrow Peacock which will now go to the House floor for consideration.- SB 4 (Sen. Peacock) would restrict the duties of Board-appointed actuaries to actuarial matters and would reaffirm the ability of state and statewide retirement systems to appoint independent actuaries.
- SB 6 (Sen. Peacock) would prohibit a TRSL member with at least five years of TRSL service credit from retaining membership in TRSL if they move to a position covered by the Clerks' of Court Retirement and Relief Fund. The committee adopted a technical amendment for this bill.
- SB 13 (Sen. Peacock) would remove the Public Retirement Systems' Actuarial Committee (PRSAC) from the state Department of Treasury, and would also restrict chair and vice chair duties on PRSAC to the Senate President and House Speaker or their designees.
The House appropriations committee met earlier this week and passed an amended HB 874 (Rep. Henry). HB 874 would appropriate $8,585,163 in surplus funds to TRSL for application to the initial unfunded accrued liability (IUAL). The legislation is scheduled for consideration in the full House on Monday, April 30. Amendments to this bill did not affect appropriations to the retirement systems.
A complete list of legislation affecting TRSL, along with the positions taken by the TRSL Board of Trustees for each bill, is available on the legislation page of our website, www.TRSL.org.
Tune in & watch live:
You can watch live retirement committee meetings online at www.legis.la.gov. Click on the TV icon for any meeting in progress that you’d like to view. Archived broadcasts are available here.