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Regular Session News #4: Investment bill passes House; other retirement bills up for consideration next week

Mar 23, 2018

The full House passed HB 34 (Rep. Pearson)  yesterday which would allow state and statewide retirement systems to allocate a portion of their investments to a terror-free fund rather than a terror-free index fund as currently required by law. This bill will now be referred to the Senate retirement committee for consideration.

Coming up next week:

The Senate retirement committee will meet at 9 a.m., Monday, March 23. No bills affecting TRSL are scheduled to be heard. However, the committee is scheduled to hear SB 14 (Sen. Peacock), which TRSL is monitoring. SB 14 would establish a hybrid retirement plan within the Louisiana State Employees’ Retirement System (LASERS) for rank-and-file state workers hired on or after January 1, 2020. The hybrid retirement plan would consist of a defined benefit component (with a 1.5% accrual rate) as well as a defined contribution component.

The House retirement committee is scheduled to meet at 9:30 a.m., Thursday, March 29. The following legislation affecting TRSL is on the agenda for consideration. Four of the bills are related to the Public Retirement Systems' Actuarial Committee (PRSAC), which is a committee created by the legislature in 1988 to help Louisiana's state and statewide retirement systems, pension plans, and funds attain and maintain their soundness. 
  • HB 11 (Rep. Ivey) would impose a fiduciary duty to state and statewide retirement systems on members of PRSAC.
  • HB 12 (Rep. Ivey) would require PRSAC to submit to the legislature the final approved valuation for each public retirement system and all additional assumptions and valuations it receives; also requires the legislative auditor to prepare and submit to the legislature a summary of all disparities between the various assumptions and valuations presented to PRSAC for each system.
  • HB 21 (Rep. Ivey) would increase members on PRSAC from seven to 11 by adding two members of the House of Representatives appointed by the House Speaker and two members of the Senate appointed by the Senate President.
  • HB 23 (Rep. Ivey) would prohibit state and statewide retirement systems from investing more than 25% of their total investment portfolio in alternative investments.
  • HB 24 (Rep. Ivey) would require that actuaries for state and statewide retirement systems and for the legislative auditor use uniform reporting standards to present discount rate and assumed rate of return information to PRSAC.

A complete list of legislation affecting TRSL, along with the positions taken by the TRSL Board of Trustees for each bill, is available on the legislation page of our website, www.TRSL.org. 

Tune in & watch live:
You can watch live retirement committee meetings online at www.legis.la.gov. Click on the TV icon for any meeting in progress that you’d like to view. Archived broadcasts are available here.
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