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Regular Session News #14: COLA, return-to-work, & funding bills pass another hurdle

Feb 1, 2016

The House retirement committee met today and favorably reported Senate Bill 2, as amended, sponsored by Sen. Peacock, which authorizes payment of a 1.5% permanent benefit increase (also known as a COLA), on the first $60,000 of the retirement benefit to eligible TRSL retirees and beneficiaries. The amendment was related to the Louisiana State Police Retirement System (LSPRS). This bill’s passage is tied to the following other legislation also reported favorably today by the committee:
  • SB 5 (Peacock) would require non‐investment related administrative expenses to be funded directly through employer contributions beginning the first fiscal year in which this change will not increase the projected employer contribution rate.
  • SB 18 (Peacock) would clarify provisions created in Act 399 of 2014 regarding excess investment earnings, employer contributions, and cost-of-living adjustments (COLAs). SB 18 also addresses the System’s amortization period for changes, gains, losses and allocations to the experience account, and authorizes reamortization at certain times.  The committee approved an amendment related to LSPRS.
The committee also favorably reported SB 4 (Peacock) and HB 907 (LeBas). SB 4 gives the TRSL Board limited flexibility in determining its meeting schedule. HB 907, as amended, increases from 25% of benefit to 50% of benefit, the earnings allowed for TRSL retirees who are re-employed as substitute classroom teachers filling a vacancy created by extended leave. 

Earlier this week
Yesterday the House & governmental affairs committee favorably reported SB 372 (Peacock), which requires actuarial notes for pre-filed retirement bills to be available five days before the start of session.
Coming up next week
Several bills on the May 2 agenda for the House appropriations committee would dedicate funding for additional payments to the unfunded accrued liability (UAL):
  • HB 504 (Constitutional Amendment) and HB 477 (Ivey) would provide for the dedication of mineral revenues.
  • HB 603 (Constitutional Amendment) and HB 696 (Leger) would establish the Revenue Stabilization Trust Fund.
Scheduled for final passage in the full House on May 2:
  • HB 621 (Ivey) would extend the powers of the legislative auditor and his representative(s) to access to records of entities that provide actuarial and investment services to TRSL.
  • HB 1093 (Ivey) requires the legislative auditor to compare each retirement system’s actuarial assumptions and funded ratios, and determine the appropriateness of these assumptions at least every five years.

A complete list of legislation impacting TRSL, including the position taken by the TRSL Board of Trustees on each bill, is available on the Legislation page of our website.

 

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