Archive - TRSL - Teachers' Retirement System of Louisiana

3rd Extraordinary Session News #7: Senate passes UAL payment bill

Nov 22, 2024

Today, the full Senate amended and passed House Bill 7 (Rep. Emerson). HB 7 seeks to revise the state constitution to require an additional, one-time payment to the unfunded accrued liability (UAL). The proposed payment is designed to reduce the employer contribution rate for TRSL-participating employers. The state treasurer must transfer funds for the one-time UAL payment to TRSL by May 1, 2025. The amendments were unrelated to the one-time U...

Nov 20, 2024

Yesterday, the Senate Revenue and Fiscal Affairs committee reported House Bill 7 (Rep. Emerson) favorably with amendments. HB 7 seeks to revise the state constitution to require an additional, one-time payment to the unfunded accrued liability (UAL). The proposed payment is designed to reduce the employer contribution rate for TRSL-participating employers. While most of the amendments were technical in nature, one amendment added a date &ndash...

Nov 15, 2024

House Bill 7 (Rep. Emerson) is scheduled to be heard in the Senate Revenue and Fiscal Affairs committee at 1:30 p.m. on Sunday, November 17 (agenda). HB 7 seeks to revise the state constitution to require an additional, one-time payment to the unfunded accrued liability (UAL), which is designed to reduce the employer contribution rate for TRSL-participating employers. In other news… On Thursday, the full House amended and passed Hous...

Nov 12, 2024

House Bill 7 (Rep. Emerson) continues to make headway at the legislature, achieving passage in the full House today. An amended HB 7 seeks to revise the state constitution to allow an additional, one-time payment to the unfunded accrued liability (UAL), which is designed to reduce the employer contribution rate for TRSL-participating employers. The amendments were technical in nature with no substantive effect on the UAL payment proposal. H...

Nov 8, 2024

Today, the House Ways and Means committee favorably reported House Bill 7 (Rep. Emerson) with amendments. HB 7 would amend the state constitution to allow an additional, one-time payment to the unfunded accrued liability (UAL), which is designed to reduce the employer contribution rate for TRSL-participating employers. The amendments were technical in nature with no substantive effect on the UAL payment proposal. HB 7 now heads to the House...

Nov 6, 2024

The third special session called this year by Gov. Jeff Landry began today, focusing on multiple measures related to Louisiana’s tax structure. Two bills have been filed that together would pay off a significant amount of retirement debt and fund teacher and other school personnel pay raises. One component of House Bill 7 (Rep. Emerson) proposes to amend the state constitution to allow an additional, one-time payment to the unfunde...

Nov 1, 2024

The 2024 Third Extraordinary Session called by Governor Jeff Landry begins at 3 p.m., Wednesday, November 6 and will focus on a variety of tax reform proposals that would require amending Article VII in the state constitution. While the special session is limited to the 23 items identified in the governor’s call, Item 2 would impact TRSL. Item 2: To legislate relative to the payment of permanent teacher and school personnel pay...

Jun 5, 2024

The 2024 Regular Session, which began March 11, ended on Monday. TRSL monitored several pieces of legislation having a direct impact on the retirement system and/or its members. Overall, several pieces of legislation impacting TRSL received final legislative passage. Here’s a look at what they do: Return to Work Act 394 [House Bill 967] (Rep. Riser) will allow TRSL retirees, regardless of retirement date, to be re...

May 31, 2024

House Bill 967 (Rep. Riser) was signed into law by the governor this week, becoming Act 394. The new law creates additional opportunities for TRSL retirees to return to work in a TRSL-eligible position without the suspension or reduction of their retirement benefits, but subject to a 12-month waiting period. Summary of Act 394: For retirees who retired before July 1, 2020: Allows these retirees to return to work part-time&nb...

May 20, 2024

Today, the Senate retirement committee deferred House Bill 981 (Rep. Melerine). HB 981 would have added restrictions related to proxy voting on shareholder-sponsored proposals for Louisiana public retirement systems. In other news… Act 46 [Senate Bill 1] (Sen. Price), which adds clarifying language in the law related to employer contributions eligible for transfer to another Louisiana public retirement system when a member req...

May 17, 2024

On Thursday, the full Senate unanimously passed House Bill 967 (Rep. Riser). HB 967 would add critical shortage provisions in the RTW law for retirees who retired on or after July 1, 2020. The bill would also expand critical shortage provisions to allow for part-time re-employment in certain positions for all retirees. For details on the provisions of House Bill 967, please read our May 3 Legislative Update. HB 967 now goes to t...

May 15, 2024

On Monday, the full Senate passed House Bill 31 (Rep. Frieberg), which would provide a window for active, contributing Optional Retirement Plan (ORP) participants to join the TRSL defined benefit plan. The ORP is a defined contribution retirement plan similar to a 401(k). The bill now goes to the governor for his consideration. If enacted, the legislation will do the following: For active, contributing ORP participants ...

May 10, 2024

Bills affecting the Optional Retirement Plan (ORP) and return to work (RTW) are scheduled for final approval in the Senate next week. House Bill 31 (Rep. Freiberg) would provide a window for active, contributing ORP participants to join the TRSL defined benefit plan. The ORP is a defined contribution retirement plan similar to a 401(k). For details on the provisions of House Bill 31, please read our April 12 Legislative Update....

May 3, 2024

Yesterday, the Senate finance committee favorably reported return-to-work (RTW) legislation, House Bill 967 (Rep. Riser). HB 967 proposes to do the following: For retirees who retired before July 1, 2020: Allow these retirees to return to work part-time after a 12-month waiting period in certain critical shortage positions without a suspension or reduction in retirement benefits. [Under current law, retirees reemployed...

May 1, 2024

Today, the House retirement committee favorably reported a substitute bill for the investment-related House Bill 902 (Rep. Melerine). The substitute bill introduced by Rep. Melerine would to do the following: Generally, prohibit the governing authority of a La. public retirement system from voting on a shareholder-sponsored proposal recommendation from a proxy advisory firm unless the voting recommendation is consistent with the position of t...

Apr 29, 2024

Today, the Senate retirement committee favorably reported bills impacting the Optional Retirement Plan (ORP) and return to work (RTW) provisions. The committee also advanced the Social Security offset resolution. These legislative instruments will move forward to the full Senate for consideration: House Bill 31 (Rep. Freiberg) would provide a window for active, contributing ORP participants to join the TRSL defined benefit plan. The ORP ...

Apr 26, 2024

The Senate retirement committee is scheduled to meet at 10:00 a.m. on Monday, April 29 (agenda). The committee will consider three legislative instruments that would impact TRSL: House Bill 31 (Rep. Freiberg) would provide a window for active, contributing Optional Retirement Plan (ORP) participants to join the TRSL defined benefit plan. The ORP is a defined contribution retirement plan similar to a 401(k). House Bill 967 (Rep. Ri...

Apr 19, 2024

On Thursday, the House retirement committee considered a substitute bill for House Bill 902 (Rep. Melerine). The substitute bill, also by Rep. Melerine, would add new restrictions related to proxy voting on shareholder-sponsored proposals and would add new duties and liability to proxy advisory firms working with Louisiana retirement systems. The substitute bill did not advance out of committee. Full House Action: ...

Apr 15, 2024

The House retirement committee is scheduled to meet at 9:30 a.m., Thursday, April 18 where House Bill 902 by Rep. Michael Melerine will be considered (agenda). As currently written, HB 902 proposes to require a commitment from any proxy advisory firm retained by a Louisiana public retirement system to base their voting recommendations for shareholder-sponsored proposals solely on the economic interests of the retirement system. The legis...

Apr 12, 2024

The House retirement committee met yesterday and considered several bills, including return-to-work (RTW) and Optional Retirement Plan (ORP) legislation. The committee favorably reported three bills and one resolution affecting TRSL or its members. A substitute bill for House Bill 35 (Rep. Riser), was proposed by the bill’s author and favorably reported. The substitute bill, which now heads to the full House for consideration, prop...

Apr 9, 2024

The House retirement committee is scheduled to meet at 9:30 a.m. on Thursday, April 11, to consider several bills that would impact TRSL. The lengthy agenda includes the following bills: Return to Work House Bill 17 (Rep. Owen) would temporarily allow most TRSL retirees to be reemployed through a contract or corporate contract without the typical one-year waiting period or suspension of retirement benefit. House Bill 35 (Rep. Riser) woul...

Apr 3, 2024

On Tuesday, the Senate retirement committee considered a substitute bill in place of Senate Bill 5 (Sen. Miguez). The substitute bill, also by Sen. Miguez, would still establish in law new language governing certain investment and proxy voting decisions made on behalf of the retirement systems. The substitute bill also gives the state attorney general enforcement authority over provisions in the bill. The substitute bill did not advance...

Mar 28, 2024

The Senate retirement committee will consider Senate Bill 5 by Sen. Blake Miguez at 2:00 p.m., Tuesday, April 2 (agenda). The bill was originally scheduled for consideration on March 18, but was removed from the agenda at the request of the bill’s author. As originally filed, Senate Bill 5 proposes to put in place broad and far-reaching requirements for all fiduciaries of Louisiana’s public retirement systems ...

Mar 18, 2024

Today, the Senate Retirement Committee favorably reported Senate Bill 1 (Sen. Price). SB 1 would add clarifying language in the law related to employer contributions eligible for transfer to another Louisiana public retirement system when a member requests to transfer their service credit to another system, fund, or plan in which they become eligible for membership. SB 1 now heads to the full Senate for consideration. Although it was orig...

Mar 15, 2024

The Senate Retirement Committee is scheduled to meet at 1:00 p.m., Monday, March 18 (agenda). The committee will consider Senate Bill 5 by Sen. Blake Miguez that would impact TRSL investments and Senate Bill 1 by Sen. Edward J. Price concerning transfers of service credit. Read more about these bills below. Senate Bill 5 (Sen. Miguez) proposes to put in place broad and far-reaching requirements for all fiduciaries of Louisiana&r...

Mar 7, 2024

The 2024 Regular Legislative Session begins at noon on Monday, March 11 and ends at 6 p.m., June 3. This year, the legislature will hold a general session, which means legislators can introduce an unlimited number of bills on any matter except those dealing with taxation or revenue. After session begins, legislators can introduce five additional bills. Retirement-related bills have specific requirements and deadlines, including the p...

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