Thursday, June 11, 2009

Bill Granting Minimum Benefit Increase Approved by Senate – by Robyn Ekings

A bill designed to address some of the needs of certain retirees, beneficiaries and survivors who fall below the poverty line was approved by the Senate today (June 11th) in a 36-0 vote. HB 586 by Minden Representative Jean Doerge has already been endorsed by the House.

It calls for a minimum benefit increase for members of the Louisiana State Employees’ Retirement System (LASERS) and the Teachers’ Retirement System of Louisiana (TRSL) who meet certain criteria, including:

  • having 30 or more years of service credit, excluding unused leave;

  • being retired for 15 or more years; receiving a monthly benefit of less than $1,200;

  • being at least 60 years old and not having participated in DROP (Deferred Option Retirement Plan) or IBO (Initial Benefit Option).

Actuarial estimates presented to lawmakers indicate the measure could affect approximately 700 people.

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