Retirement Legislation Update April 22, 2024
The House Retirement Committee discussed HB 902 and HB 30 on Thursday, April 18.
- HB 902 by Rep. Melerine was amended by substitute. The substitute bill would add new restrictions related to proxy voting on shareholder-sponsored proposals and add new duties and liability to proxy advisory firms working with Louisiana retirement systems. The substitute bill did not advance out of committee.
- HB 30 by Rep. Bagley also failed to advance and will remain in committee. The bill permits any rank-and-file member, regardless of age or first date of employment, to retire with 25 years of service credit.
Both bills are subject to be recalled at a later date.
The House Appropriations Committee will consider HB 782 by Rep. McFarland on Tuesday, April 23 at 9:00 a.m. HB 782 would make supplemental appropriations for Fiscal Year 2023-2024 and allocate an additional $8.9 million to LASERS to apply to the balance of the initial unfunded accrued liability (IUAL).