Regular Session News #12: Senate chamber to take up PBI bill next week
May 12, 2023
Senate Bill 18 (Sen. Price/co-sponsored by Senate President Cortez) is scheduled for floor debate in the Senate on Monday, May 15. The Senate chamber will convene at 2 p.m. 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.
Also next week:
The following legislation affecting TRSL is scheduled for consideration by the full House on Tuesday, May 16. The House chamber will convene at 1 p.m.
- House Bill 47 (Rep. Nelson) 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.
- House Concurrent Resolution 67 (Rep. M. Johnson) requests that Congress take actions necessary to review the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) Social Security benefit reductions and eliminate or reduce them by supporting H.R. 82 and S. 597 of the 118th Congress and all similar federal legislation.
- House Concurrent Resolution 69 (Rep. M. Johnson) urges and requests the House and Senate Retirement Committees to study and make recommendations regarding benefit options for future state employees to avoid penalties associated with the GPO and WEP Social Security benefit reductions. TRSL and other state and statewide retirement systems would be asked to participate.
- House Concurrent Resolution 70 (Rep. Beaullieu) requests the State Treasurer and the directors of the state and statewide retirement systems report on investments, investment funds, investment advisors, and other companies used by the treasurer or systems that meet certain criteria.
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