Friday, April 20, 2007

Pre-filed Legislation Impacting LASERS

HB439 – by Representative Jean Doerge provides with respect to eligibility to redeposit all or any part of an eligible rollover distribution by retirees who received a qualified distribution pursuant to the Katrina Emergency Tax Relief Act of 2005 or the Gulf Opportunity Zone Act of 2005

HB 456 - by Representative Jeffery Arnold continues requirement that state retirement systems direct 10% of commissions on certain domestic equity trades and domestic fixed income investments through 2010

HB 468 – by Representative Kenneth Odinet exempts the Department of Health and Hospitals from the elimination of vacated positions relative to the Early Retirement and Payroll Reduction Act

HB 580 – by Representative John LaBruzzo allows certain members furloughed or terminated due to Hurricane Katrina or Rita to adjust their post-DROP employment periods for purposes of post-DROP benefit accrual as though their service had not been interrupted.

SB 96 - by Senator Jody Amedee provides that “Option 2” shall not be available to any member retired on after July 1, 2006 relative to any early retirement provision applicable to the system.

SB116– Senator Gerald Theunissen authorizes LASERS and the Teachers' Retirement System to grant a supplemental cost-of-living increase of 0.5% beginning 7/1/07, from their respective experience accounts for a maximum of 3.0%, which would otherwise be limited to 2.5%.

SB 127 - by Senator Walter Boasso requests constitutional amendment to require increases in benefits for state retirement systems to also provide a funding source

SB 130 - by Senator Walter Boasso provides for additional payments to certain state retirement systems to reduce unfunded accrued liabilities and to provide funding for cost-of-living adjustments.