Regular Session News #11: PBI funding bill moves to the full Senate
May 8, 2023
The Senate Finance committee reported Senate Bill 18 (Sen. Price/co-sponsored by Senate President Cortez) favorably as previously amended. SB 18 would establish a new model for providing permanent benefit increases (PBIs) to retirees and beneficiaries of the four state retirement systems for teachers, state employees, school employees, and state police. For details on the provisions of SB 18 as they currently stand, please read our May 2 Legislative Update.SB 18 now goes to the full Senate for consideration.
Other news:
The House Civil Law and Procedure Committee reported House Bill 47 (Rep. Nelson) favorably. HB 47, a proposed Constitutional amendment, would require a minimum of 25% of nonrecurring state revenue to be appropriated to the unfunded accrued liabilities (UALs) of the four state retirement systems for teachers, state employees, school employees, and state police, beginning FY 2024-25.
HB 47 now goes to the full House for consideration.
TRSL will keep you informed about the status of bills being monitored throughout the session. You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the Legislature page of this website, to see all legislation impacting the retirement system.
Stay tuned for future updates