Tuesday, April 23, 2013

Outcome from Monday, April 22 Legislative Meetings

The Senate Retirement Committee met Monday, April 22 and the following action was taken on three bills impacting LASERS.
SCR 1 (Cortez) was favorably reported. This bill suspends implementation of the Cash Balance Plan for a year to allow time to obtain the Social Security equivalence ruling. The LASERS Board of Trustees supports this bill.
SB 7 (Peacock) failed to advance by a vote of two to four. This bill would have applied a 60-month final average compensation (FAC) to current members of state and statewide retirement systems. Testimony on the bill was provided by LASERS Trustee Judge William Kleinpeter, LASERS Executive Director Cindy Rougeou, and Robert Klausner on behalf of LASERS. The LASERS Board of Trustees opposed this bill.
SB 17 (Guillory) was voluntarily deferred for two weeks to allow time for a committee to be constituted to find a mechanism of providing funds to assist in reducing the UAL. This bill creates the State Retirement Fund and allocates two percent of revenue collections in excess of Fiscal Year 2011-2012 levels to the Fund for payment of the UAL and COLAs. The LASERS Board of Trustees supports this bill.

To see a complete list of bills impacting LASERS and their progress, check our website daily. 

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