The Senate Retirement Committee met Monday, March 31 and four bills were on the agenda that would impact LASERS if passed:
· SB 13, by Senator Peacock, advanced favorably. The LASERS Board of Trustees requested the change in the System's actuarial funding method from projected unit credit to entry age normal promoted through this bill. The legislation would also make changes regarding excess earnings to be applied to the Unfunded Accrued Liability (UAL) and the Experience Account; and regarding the payment of cost-of-living adjustments (COLAs).
· SB 26, sponsored by Senator Guillory, advanced favorably. This bill would provide for the assessment of employer contributions to fund projected non-investment related administrative expenses for each of the state retirement systems. The LASERS Board of Trustees is neutral on this bill.
· SB 27 was voluntarily deferred by Senator Walsworth. SB 27, which is supported by the LASERS Board of Trustees, would provide a supplemental benefit increase (amount is to be determined) payable from the Experience Account.
· SCR 5, sponsored by Senator Guillory, advanced favorably. This legislation would memorialize Congress to reduce or eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
The Senate Finance Committee met Monday, March 31 and voted to advance SB 18. This bill, supported by the LASERS Board of Trustees, would provide a 1.5 percent COLA for eligible retirees, survivors, and beneficiaries.
Please note that meeting schedules are subject to change. Check the LASERS website daily for updates and for detailed information about proposed retirement legislation.