Regular Session News #20: Senate retirement committee meeting coming up
May 1, 2016
The Senate retirement committee is scheduled to meet Thurs., May 19 upon adjournment of the full Senate. The following bills affecting TRSL are on the agenda:- HB 14 (Pearson) replaces the chair of the House retirement committee with any member of the committee appointed by the House speaker to serve on each state and statewide retirement board.
- HB 32 (Jones) grants a 1.5% benefit increase to eligible TRSL retirees and beneficiaries on July 1. (Refer to www.TRSL.org for information about eligibility requirements.)
- HB 60 (Miguez) adds “school nurse” to the list of retirees who can return to work and continue to receive a benefit check, subject to a 25% of benefit earnings limitation.
- HB 61 (Hoffmann) adds “school psychologist” to the list of full-time critical shortage positions in which a retiree can return to work without a restriction of benefits.
- HB 907 (LeBas) 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.
- HB 1093 (Ivey) requires 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.
Today the full House passed Rep. Leger’s bills 603 and 696, which propose supplemental payments to the UAL. House Bill 603 (Leger) proposes that 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. House Bill 696 (Leger) is companion legislation to HB 603.These bills will now go to the Senate for consideration.
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.