On Monday, April 15, the Senate Retirement Committee held its first meeting of the 2013 legislative session. LASERS Deputy Director Maris LeBlanc made a presentation about the impact of the LSU hospital closures on members and the System. The PowerPoint presentation can be viewed on the LASERS website here.
Two bills impacting LASERS were on the agenda for consideration.
SB 4, which is supported by the LASERS Board of Trustees, was reported favorably with significant amendments. If passed, this bill would change the LASERS actuarial funding method from projected unit credit to entry age normal. Senator Guillory, Chair of the Senate Retirement Committee, committed to holding the bill on the Senate floor until LASERS has had the opportunity to analyze the amendments and respond to them.
SB 14 was favorably reported and will advance to the Senate floor. This bill, if passed, would allow members to upgrade accrual rates on transferred service. The LASERS Board is neutral on this bill.