Regular Session News #5: Proposed benefit increase moves to full Senate
Apr 4, 2022
Senate Bill 6 (Sen. Price) cleared another hurdle this morning when the Senate Finance Committee reported it favorably. Senate Bill 6 would authorize a 2% permanent benefit increase (PBI) to eligible TRSL retirees, beneficiaries, and survivors calculated on the first $68,396 of their annual retirement benefit. The PBI would be payable on July 1, 2022.
If this legislation is enacted, individuals who meet the following criteria on July 1, 2022, would be granted a 2% monthly benefit increase:
- Regular retiree: Must have received a benefit for at least one year and be 60 years of age
- Disability retiree: Must have been retired at least one year regardless of age
- Beneficiary of retired member: Retiree or beneficiary (or both combined) must have received a benefit for at least one year, and the deceased retiree would have been 60 years of age at the time the PBI is payable
- Survivor of non-retired member: Must have received a benefit for at least one year and the benefits must have originated from the service of a deceased member who would have been 60 years of age at the time the PBI is payable
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.