Tuesday, May 4, 2010

Debate on House Speaker's overhaul of state retirement system postponed

The House Retirement Committee today postponed a Wednesday afternoon meeting until Thursday May 13th. During tomorrow’s session, some of the key measures addressing the state retirement systems were set to be heard.

House Speaker Jim Tucker has authored several of the proposals, including a bill and a proposed constitutional amendment (HB 930 and 931) to shift new employees of the four state retirement systems into a 401 K styled defined contribution plan, instead of the current defined benefit plan.

The systems includes the Louisiana State Employees’ Retirement System (LASERS), the Teachers’ Retirement System of Louisiana (TRSL), the Louisiana School Employees’ Retirement System (LSERS), and the Louisiana State Police Retirement System.

Speaker Tucker is also the author of HB 1229, which would consolidate the investment operations of the four systems, and create a new state commission to manage the systems money.

And, Lafayette Representative Joel Robideaux is backing a lengthy bill that would make a long list of changes to the systems for employees hired after January 1, 2011, including changes to employee contributions, final average compensation, and retirement eligibility.

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