Regular Session News #21: Senate passes proposed constitutional amendment for future UAL payments; other UAL payment bills still in play
Jun 6, 2023
After being favorably reported by the Senate Finance Committee over the weekend, House Bill 47 (Rep. Nelson) was passed by the full Senate yesterday. 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 will become effective if enacted through statewide election on October 14, 2023.In the same weekend meeting, the Senate Finance Committee also substantively amended and passed House Bill 1 and House Bill 560 (both by Rep. Zeringue) that would appropriate funds to pay TRSL’s UAL. Both were amended and passed by the full Senate yesterday and will now head back to the House for concurrence of the Senate amendments. Several other bills that will impact these appropriations bills are still being debated.
Other News:
The full House amended and passed Senate Bill 201 (Sen. Hewitt). SB 201 would require the adoption of rules and procedures by certain public bodies to allow electronic or alternative access to members of the public with an Americans with Disabilities Act (ADA)-recognized disability if requested. It also allows certain public bodies to allow a limited number of public meetings for its participants via electronic means. The amendments were technical in nature. SB 201 now goes back to the House for concurrence of amendments.
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