Updates on Legislation Impacting LASERS
Moving Through the Legislative Process
HB 800 by Rep. Beaullieu was amended and passed on the House Floor. HB 800 calls for a constitutional convention and requires the convention to complete a new constitution. One amendment added the constitutional provisions relative to LASERS to the list of “protected” provisions. Another amendment changed the timing of the convention.
HB 902 by Rep. Melerine is now HB 981. The bill was amended and passed on the House Floor. It awaits consideration in the Senate. HB 981 adds new restrictions related to proxy voting on shareholder-sponsored proposals and adds new duties and liability to proxy advisory firms working with Louisiana retirement systems. The LASERS Board opposes this bill.
SB 462 by Sen. Hodges was amended and passed on the Senate Floor. The bill originally permitted the Governor to elect and appoint the chairman or any other officer of each state board and commission, which included LASERS. However, the bill was amended to remove the Governor’s authority to appoint chairs of retirement system boards.
SB 1 and HCR 20 Receive Final Passage
SB 1 by Sen. Price received final passage on the House Floor and awaits the Governor’s signature. SB 1 specifies, that for transfers between systems, “employer contributions” are defined as only those employer contributions that are actuarially required. The LASERS Board supports this bill.
HCR 20 received final passage on the Senate Floor and does not require the Governor’s signature. HCR 20 by Rep. Johnson memorializes Congress to review and eliminate the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) by supporting H.R. 82 and S. 597 of the 118th Congress. Similar resolutions have passed in previous sessions. The LASERS Board supports HCR 20. Learn more here.
Awaiting Consideration
HB 30 by Rep. Bagley awaits consideration in House Appropriations. This bill permits any rank-and-file member, regardless of age or first date of employment, to retire with 27 years of service credit. The LASERS Board is neutral on HB 30.
HB 782 by Rep. McFarland awaits consideration in Senate Finance. HB 782 would make supplemental appropriations for Fiscal Year 2023-2024 and allocate an additional $9.9 million to LASERS to apply to the balance of the initial unfunded accrued liability (IUAL). The LASERS Board supports this bill.
For in-depth details of legislation and links to watch the meetings live, visit the Louisiana State Legislature website at legis.la.gov.
Please note that meeting schedules and agendas are subject to change.