Regular Session News #13: Minimum benefit increase bill sent to the Governor
May 28, 2021
Senate Bill 24 (Sen. Price) has passed both chambers of the Legislature and now heads to the Governor for approval. 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
Other legislative news:
Yesterday, the Senate passed an amended House Bill 22 (Rep. LaCombe). 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 LSBA director to become members of TRSL.
Currently, LSBA employees are members of the Parochial Employees' Retirement System of Louisiana (PERS). The bill was amended to ensure compliance with funding requirements included in the Louisiana Constitution. HB 22 will be returned to the House for concurrence.
Also yesterday, the House passed a Senate-amended House Bill 516 (Rep. Zeringue). The bill would make a supplemental appropriation of $18.6 million to the TRSL initial unfunded accrued liability (IUAL) from a portion of the FY 2019-20 surplus funds in the state treasury. The amended bill no longer includes an additional appropriation of $10.1 million to the IUAL directly from state general funds. HB 516 now goes to the governor for signature.