Regular Session News #11: House Retirement meets Thursday to hear proposed permanent benefit increase, RTW changes
Apr 29, 2022
The House Retirement Committee is scheduled to meet at 9:30 a.m. on Thursday, May 5 (agenda) to consider the TRSL permanent benefit increase (PBI) bill and a return-to-work (RTW) bill:
Senate Bill 6 (Sen. Price) would authorize a 2% PBI for eligible TRSL retirees, beneficiaries, and survivors calculated on the first $68,396 of their annual retirement benefit. The PBI would be payable on July 1, 2022.
If this legislation is enacted, individuals who meet the following criteria on July 1, 2022, would be granted a 2% monthly benefit increase:
- Regular retiree: Must have received a benefit for at least one year and be 60 years of age
- Disability retiree: Must have been retired at least one year regardless of age
- Beneficiary of retired member: Retiree or beneficiary (or both combined) must have received a benefit for at least one year, and the deceased retiree would have been 60 years of age at the time the PBI is payable
- Survivor of non-retired member: Must have received a benefit for at least one year and the benefits must have originated from the service of a deceased member who would have been 60 years of age at the time the PBI is payable
- without a waiting period prior to returning to work;
- without the suspension or reduction of their retirement benefit;
- without the retiree or the employer making contributions to the system; and
- without the retiree earning service credit.
The Senate Retirement Committee is not scheduled to meet next week.
You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the Legislation page of this website to see all legislation impacting the retirement system. Stay tuned for future updates.