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  4. Regular Session News #5: Next week… PBI & retirement eligibility bills on the move, House retirement scheduled to meet
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Regular Session News #5: Next week… PBI & retirement eligibility bills on the move, House retirement scheduled to meet

Apr 23, 2021


The Senate Finance Committee is scheduled to meet at 11 a.m., Monday, April 26 (agenda) to consider Senate Bill 24 (Sen. Price), which 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.
 
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 years 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 grant the minimum benefit increase to beneficiaries and survivors of deceased members who meet or would have met the above criteria.
Also on Monday, the full Senate is expected to consider Senate Bill 22 (Sen. Peacock), which was favorably reported by the Senate Retirement Committee this week. SB 22 would change retirement eligibility criteria for new hires in TRSL, LASERS, and LSERS whose first employment makes them eligible for membership in a state retirement system on or after July 1, 2021.
 
Members hired on/after July 1, 2021, could retire under the following eligibility criteria:
  • five years of service at the higher of age 67 or the age of retirement set by the Social Security Administration;
  • 40 years of service at age 62; or
  • 20 years of service at any age (actuarially reduced).
The full Senate meets at 3 p.m. on Monday. (schedule)
Additionally, the House Retirement Committee will meet at 9:30 a.m., Thursday, April 29 to consider the following legislation:
  • House Bill 22 (Rep. LaCombe) would require all new employees and some current employees of the Louisiana School Boards Association (LSBA) to become members of TRSL. Currently, LSBA employees are members of the Parochial Employees' Retirement System of Louisiana.
  • House Concurrent Resolution 7 (Rep. M. Johnson) requests that Congress consider eliminating the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions.
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