Tuesday, March 18, 2014

Senate Retirement Meeting Outcome; What's on the Agenda for Thursday's House Retirement Meeting?

The Senate Retirement Committee met March 17 and took action on one bill impacting LASERS. SB 30, which was favorably reported, provides for LASERS technical corrections regarding spousal consent, survivors' benefits, and post-Deferred Retirement Option Plan (DROP) contribution rates. The LASERS Board of Trustees supports this bill.
Sen. Guillory announced that the committee's agenda for Monday, March 24 will include the proposed 1.5 percent COLA bills. 

The House Retirement Committee is scheduled to meet Thursday, March 20, upon adjournment. Five bills impacting LASERS are currently on the agenda:

  • HB 25 prohibits membership in LASERS for employees of Excelth hired on or after September 1, 2014 and also prohibits membership in TRSL of certain employees. The LASERS Board of Trustees is neutral on this bill.
  • HB 38 changes retirement eligibility for new hires on or after July 1, 2014, (excluding the Hazardous Duty Services Plan) to five years of service at age 62. The LASERS Board of Trustees supports this bill.
  • HB 40 zeroes out the Experience Account after payment of the July 1, 2014, COLA. Any funds remaining in the Experience Account will be applied to the Original Amortization Base. The LASERS Board opposes this bill.
  • HB 86 changes the allocation investment earnings in excess of the LASERS actuarially assumed rate of return. The LASERS Board of Trustees supports this bill with amendments.
  • HB 90 requires occasional supplemental payments to retirees and beneficiaries of state retirement systems from funds available in the Seniors' Supplement Fund. The LASERS Board of Trustees is neutral on this bill.
Please note that meeting schedules are subject to change. Check the LASERS website daily for updates and for detailed information about proposed retirement legislation.

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