LASERS Legislative Update - Week of March 30, 2012

The Senate Retirement Committee met March 26 and considered four bills on our list:

     SB 2 - E. Guillory       Position Taken: Oppose (prior to amendments)
Systems Impacted: State & Statewide
Provides that designated legislative staff may attend executive sessions of meetings of state and statewide retirement system boards and committees.

     SB 16 – Cortez       Position Taken: Support
Systems Impacted: State, Statewide & Harbor Police
Provides for increases in the educational requirements for LASERS Board of Trustees, as follows: Actuarial Science 4 hours (up from 2), Laws, Rules, & Regs 2 hours (up from 1), and Fiduciary Duty/Ethics 2 hours (up from 1).

     SB 21 - E. Guillory       Position Taken: Support
Systems Impacted: State & Statewide
(Constitutional Amendment) Provides that all retirement bills be prefiled on the 45th calendar day prior to the first day of a regular session and that public notice of retirement bills shall be published at least 60 days prior to introduction.

     SB 48 - E. Guillory       Position Taken: Neutral
Systems Impacted: LASERS, TRSL, LSERS
Adds the Commissioner of Administration to the LASERS Board.

SB 2 was amended in the Senate Retirement Committee to eliminate our concerns and LASERS opposition was withdrawn. It passed on the Senate Floor, Y:35/N:0.

SB 16 passed favorably with amendments by Senate Retirement Committee to also apply the educational requirements to designees serving on retirement boards. It passed on the Senate Floor, Y:35/N:0.

SB 21 was approved by the Senate Retirement Committee and passed on the Senate Floor, Y:31/N:2.

SB 48 passed favorably from the Retirement Committee. It was amended on the Senate Floor to allow the Treasurer to name any person as a designee. It passed on the Senate Floor, Y:36/N:0.

The House Retirement Committee met on March 29 and considered two bills on our list:

     HB 5 - Pearson       Position Taken: Oppose (prior to amendments)
Systems Impacted: State & Statewide
Provides that designated legislative staff may attend executive sessions of meetings of state and statewide retirement system boards and committees.

     HB 38 - S. Jones       Position Taken: Oppose
Systems Impacted: State & Statewide
Requires retirement systems to notify each other when retirees with a reciprocal agreement return to work, so that retirement benefits can be stopped. Also, suspends the debt owed to Municipal Employees Retirement System in a particular situation in a situation in which a retiree with a reciprocal from LASERS and MERS failed to suspend the MERS benefit upon returning to work in a LASERS eligible position.

HB 5 was amended, like SB 2 was in Senate Retirement, to eliminate our concerns. It was passed in committee with amendment.

HB 38, after much discussion, was voluntarily deferred. We offered to work with the other systems to improve the language on notice requirements. But, the concern about the repayment issue is more difficult to resolve.

Meeting Notices:

The Senate Retirement Committee will meet Monday, April 2 at 12:30 p.m. in Room E. The agenda includes SB 23 and SB 41, bills relating to COLAs which could impact LASERS members.

The House Retirement Committee will not meet the week of April 2.