Legislative Session News Archive
Regular Session News #19: 2016 Legislative Session - Week in review
May 1, 2016
In the House retirement committee, House Bill 62, sponsored by Rep. Barry Ivey, was voluntarily deferred by the author. HB 62 would set a minimum employer contribution rate of 20% of payroll for any state retirement system that is less than 100% funded, or if the system was 100% funded but later dropped below 90%; it would also create an account for each system into which excess employer contributions would be deposited under ...
Regular Session News #11: Bills to change retirement plans for new hires to be heard in House Retirement Committee
Apr 15, 2016
The House retirement committee is scheduled to meet at 9 a.m., Thursday, April 21. The following bills, sponsored by Rep. Barry Ivey, are on the agenda: House Bill 45 (Constitutional Amendment) would retain the existing constitutional guarantee of state retirement system benefits only if the benefits are annuitized by the system, and would retain the current prohibition on diminishment or impairment of state retirement benefits only if benefi...
Regular Session News #12: Bills to change retirement plans deferred
Apr 15, 2016
The House retirement committee met yesterday and the following bills affecting retirement plans were voluntarily deferred by sponsor Rep. Barry Ivey: House Bill 45 (Constitutional Amendment) was amended to clarify that benefits derived from the defined benefit plan of state retirement systems would retain their constitutional protections, but the guarantee of benefits would not necessarily be extended to any defined contribution plans cr...
Regular Session News #8: COLA bill moves forward; tax-exempt status of TRSL benefits discussed
Apr 1, 2016
The Senate finance committee today reported favorably Senate Bill 2 (Peacock) as amended. The legislation would grant a 1.5% permanent benefit increase (also known as a COLA) on the first $60,000 of the retirement benefit to eligible TRSL retirees and beneficiaries. The amendment ties the legislation’s passage to other bills dealing with retirement system funding (Senate Bill 5 and Senate Bill 18), which are under consid...