Additional committee meetings have been scheduled for the week of April 15, which include discussion of bills with an impact on LASERS.
The Senate Retirement Committee is scheduled to meet Monday, April 15, at 2:00 p.m. Two bills impacting LASERS are on the agenda:
SB 4 changes the LASERS actuarial funding method from projected unit credit to entry age normal, and is supported by the LASERS Board of Trustees;
SB 14 allows a member to upgrade their accrual rate on transferred service to the accrual rate of the receiving system by paying the actuarial cost of the upgrade; also allows for reverse transfers in certain instances. The LASERS Board is neutral on this bill.
In addition to the bills being considered at this meeting, LASERS Deputy Director Maris LeBlanc will make a presentation about the proposed privatization of the public hospitals and the retirement impact on the employees and the System.
The House Ways and Means Committee is scheduled to meet Monday, April 15 at 9:00 a.m. and Tuesday, April 16 at 9:00 a.m. One bill on the agenda, HB 417, known as the tobacco tax bill, creates the Louisiana Healthier Families Fund and dedicates a portion of the Fund to the payment of the UAL of LASERS. The LASERS Board of Trustees has not yet taken a position on this bill.
The House Retirement Committee is scheduled to meet Thursday, April 18, upon adjournment. One bill on the agenda, HB 35, provides for a 25 years at any age retirement eligibility for certain state hospital employees subject to layoffs due to the privatization of hospitals operated as part of the LSU Health Sciences Center. The LASERS Board of Trustees opposes this bill because, as written, the retirement system would absorb the cost of this change.