Regular Session News #12: PBI bill receives final passage in the House
May 20, 2021
Yesterday, the House unanimously passed the permanent benefit increase (PBI) legislation, Senate Bill 24 (Sen. Price), after agreeing to a technical amendment and an amendment making the legislation effective upon the earlier of the governor’s signature or June 30, 2021. SB 24 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
This bill would grant the minimum benefit increase to beneficiaries and survivors of deceased members who meet or would have met the above criteria.
SB 24 now returns to the Senate for concurrence.
Other legislative news:
House Bill 22 (Rep. LaCombe) is scheduled for consideration by the Senate today. HB 22 would require all new employees of the Louisiana School Boards Association (LSBA), current employees of 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).
On Tuesday, the Senate passed House Concurrent Resolution 7 (Rep. M. Johnson), which requests that Congress review and eliminate or reduce the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions.
HCR 7 will be enrolled, signed by the President of the Senate and Speaker of the House, and presented to the Louisiana Secretary of State.