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Regular Session News #2: Senate Retirement Committee to consider PBI and ORP bills Monday

Mar 25, 2022


The Senate Retirement Committee is scheduled to meet at 9 a.m., Monday, March 28 (agenda). The committee will consider Senate Bill 6 (Sen. Price), which would authorize a 2% permanent benefit increase (PBI) to eligible TRSL retirees, beneficiaries, and survivors calculated on the first $68,396 of their annual retirement benefit. The PBI would be payable on July 1, 2022.

Individuals who meet the following criteria on June 30, 2022, would be granted a 2% monthly benefit increase:
  • Regular retiree: Must have received a benefit for at least one year and be 60 years of age
  • Disability retiree: Must have been retired at least one year regardless of age
  • Beneficiary of retired member: Retiree or beneficiary (or both combined) must have received a benefit for at least one year, and the deceased retiree would have been 60 years of age at the time the PBI is payable
  • Survivor of non-retired member: Must have received a benefit for at least one year and the benefits must have originated from the service of a deceased member who would have been 60 years of age at the time the PBI is payable
The committee will also consider Senate Bill 10 (Sen. Morris and Sen. Luneau), which would allow active and contributing Optional Retirement Program (ORP) members to transfer their ORP funds into the TRSL defined benefit retirement plan and receive service credit based upon their participation in the ORP by paying the actuarial cost of such credit. The proposed legislation would sunset on June 30, 2028.
In other news

House Bill 420 (Rep. G. Miller) would make technical corrections and organizational revisions to Title 36, including moving sections of current law regarding the employing authority of state retirement systems. House Bill 420 was amended and passed in the House and Governmental Affairs Committee on March 17 and on the House floor on March 21. The committee amendment removed obsolete language related to hiring authority for the four state retirement systems. The House floor amendment was technical in nature. House Bill 420 now goes to the Senate for consideration.
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 Legislation page of this website, to see all legislation impacting the retirement system.

Stay tuned for future updates. 
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