Regular Session News #15: Action taken on several House bills affecting TRSL

Feb 1, 2016

The House yesterday unanimously passed an amended House Bill 621 by Rep. Barry Ivey. The legislation would allow the legislative auditor and his designated agent(s) to access the records of vendors that provide actuarial and investment services to TRSL. The bill was amended to require designated agent(s) to comply with any statutory restrictions on materials considered by law to be confidential.

The House also unanimously passed House Bill 1093 (Ivey) which would require the legislative auditor to report on the actuarial assumptions and funded ratios of each of the four state public retirement systems, and determine the appropriateness of these assumptions at least every five years.

These bills now go to the Senate for consideration.

In the House appropriations committee:

Lawmakers voted favorably on an amended House Bill 603 by Rep. Walt Leger, III. The bill proposes a constitutional amendment be placed before voters on the November ballot to establish the Revenue Stabilization Trust Fund and to provide for the allocation of mineral revenues. A portion of the mineral revenues allocated in the proposed constitutional amendment would be dedicated to the unfunded accrued liability (UAL) after certain thresholds are reached. The bill’s companion legislation, House Bill 696 (Leger), was also favorably passed as amended.