Regular Session News #20: Senate Retirement Committee advances UAL payment bill
Jun 2, 2023
With one week left in the 2023 regular session, bills affecting TRSL continue to work their way through the legislative process.After initially failing to win passage in the full House earlier this month, House Bill 47 (Rep. Nelson) was reconsidered and passed by the lower chamber this week. Today, it was favorably reported by the Senate Retirement Committee.
HB 47, a proposed constitutional amendment, requires a minimum of 25% of nonrecurring state revenue to be appropriated to the unfunded accrued liabilities (UALs) of the four state retirement systems for teachers, state employees, school employees, and state police, beginning FY 2024-25. HB 47 now awaits action by the full Senate.
House Concurrent Resolution 110 (Rep. Miguez) was reconsidered and reported favorably by the Senate Judiciary A Committee. HCR 110 urges and requests state and statewide retirement systems to avoid the influence of environmental, social, and governance policies when making investment decisions. HCR 110 now goes to the full Senate for consideration.
Other News:
It is anticipated that House Bill 1, House Bill 550, and House Bill 560 will be reconsidered by the Senate Finance Committee this weekend. Various surplus and state general fund payments toward TRSL’s initial unfunded accrued liability (IUAL) are included in these bills.
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 Legislature page of this website, to see all legislation impacting the retirement system.
Stay tuned for future updates