Regular Session News #2: Senate committee restricts actuary duties, pass PRSAC bill and more
Mar 13, 2018
The Senate retirement committee moved forward four pieces of legislation affecting TRSL which will now go to the Senate floor for consideration.- SB 4 (Sen. Peacock) passed. It would restrict the duties of Board-appointed actuaries to actuarial matters and reaffirms the ability of state and statewide retirement systems to appoint independent actuaries.
- SB 6 (Sen. Peacock) passed. It would prohibit an employee who moves to a position covered by the Clerks' of Court Retirement and Relief Fund from retaining TRSL membership even if the employee has five years of service credit in TRSL.
- SB 13 (Sen. Peacock) passed with amendments. It would remove the Public Retirement Systems' Actuarial Committee (PRSAC) from the state Department of Treasury and restricts chair and vice chair duties on PRSAC to the Senate President and House Speaker or their designees. The amendments were technical in nature.
- SB 17 (Sen. Peacock) passed. It would harmonize certain provisions of state law with federal law regarding creditable service for military time at Louisiana retirement systems.
Coming up later this week:
The House retirement committee is scheduled to meet at 9:30 a.m., Thursday, March 15. The following legislation affecting TRSL is on the agenda for consideration:
- HB 34 (Rep. Pearson) allows state and statewide retirement systems to allocate a portion of their investments to a terror-free fund rather than a terror-free index fund as currently required by law.
Tune in & watch live:
You can watch live retirement committee meetings online at www.legis.la.gov. Click on the TV icon for any meeting in progress that you’d like to view. Archived broadcasts are available here.