The House Retirement Committee today voted to approve a House Concurrent Resolution (HCR 135) by Rep. Joel Robideaux of Lafayette that would require the four state retirement systems to report on the possibility of merging the administrative and investment functions of their systems. “I was asked to file this,” said Rep. Robideaux, “by the Blueprint (Louisiana) folks, and I thought it was a good idea.” Blueprint Louisiana is a group of state business leaders who have organized to back select legislative issues.
The idea of consolidating certain functions of the Louisiana State Employees’ Retirement System (LASERS), the Teachers’ Retirement System of Louisiana (TRSL), the Louisiana State Police Pension and Retirement System, and the Louisiana School Employees’ Retirement System (LSERS) has been a subject for debate at the capitol for several years.
All four systems have, to this point, successfully argued that the move would be a false economy, requiring much more money to implement than would save the state in revenue.
The resolution now goes to the full House.
Also today, the same panel quickly O.K.’d SB 9 by Morgan City Senator Butch Gautreaux to permit any member of LASERS who has credit within the system of at least five years to purchase up to five years of service credit (“air time”) in one year increments to be used for attaining retirement eligibility.
The bill, which has passed the full Senate, now goes to the House for debate.