Regular Session News #3: Senate retirement reports PBI bill favorably

Apr 13, 2021

Today, the Senate Retirement Committee voted to favorably report Senate Bill 24 (Sen. Price). This bill would grant a minimum benefit increase to certain retirees, beneficiaries, and survivors of TRSL as well as the retirement systems for state employees, school employees and state police.
 
As currently written, TRSL retirees who meet the following criteria on June 30, 2021, would be granted a monthly benefit increase equal to the lesser of $300 or the difference between their current benefit and $1,450:  

• At least 30 of service credit
• Retired at least 15 years
• Receiving monthly retirement benefit of less than $1,450
• At least 60 years of age
• Never participated in DROP or ILSB
• Not receiving a benefit pursuant to a reciprocal agreement recognized by the system

 
This bill would also grant the minimum benefit increase to beneficiaries and survivors of deceased members who meet or would have met the above criteria.

Senate Bill 24 will now move to the Senate Finance Committee for consideration.


TRSL will keep you informed about the status of bills being monitored throughout the session.

Stay tuned for future updates.

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.