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).

Retirement Legislation Update April 15, 2024

The House Social Security Subcommittee will hold a hearing on the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) on Tuesday, April 16, 2024, at 2:00 p.m. (Central Time). The hearing will be live-streamed on the committee’s website at gop-waysandmeans.house.gov (available when the hearing begins). For more details, please refer to the hearing advisory.

House Retirement Meeting on Thursday, April 18

  • The House Retirement Committee is scheduled to meet on Thursday, April 18 at 9:30 a.m. Two bills that would impact LASERS if passed are on the agenda.
  • HB 30 by Rep. Bagley would permit any rank-and-file member, regardless of age or first date of employment, to retire with 25 years of service credit.
  • HB 902 by Rep. Melerine provides relative to the voting of shares held by retirement systems based on advice of proxy advisory firms.

SB 1 and HCR 20 Move to House Floor

  • SB 1 and HCR 20 were reported favorably in the House Retirement Committee on Tuesday, April 11 and now move to the House Floor.
  • SB 1 by Sen. Price specifies, that for transfers between systems, “employer contributions” are defined as only those employer contributions that are actuarially required.
  • HCR 20 by Rep. Mike 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.


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.

 

2024 LEGISLATIVE SESSION

Retirement Legislation Update April 11, 2024

The House Retirement Committee is scheduled to meet on Thursday, April 11 at 9:30 a.m. There are currently three bills on the agenda that would impact LASERS, if passed:

  • HB 30 by Rep. Bagley would permit any rank-and-file member, regardless of age or first date of employment, to retire with 25 years of service.
  • SB 1 by Sen. Price specifies, that for transfers between systems, “employer contributions” are defined as only those employer contributions that are actuarially required.
  • HB 902 by Rep. Melerine provides relative to the voting shares held by retirement systems based on advice of proxy advisory firms. This new bill was recently added to our tracking list.

HCR 20 by Rep. Mike Johnson is also on the agenda. This resolution 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.

SB 5 Remains in Committee

SB 5 by Sen. Miguez was discussed at length in the Senate Retirement Committee meeting on Tuesday, April 2. The bill requires fiduciaries for public retirement systems to make investment decisions based solely on financial factors. At the meeting, the bill was amended by substitute; however, a motion to report the bill by substitute failed. The bill remains in committee and is subject to call at a later date.

 

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.

 

2024 LEGISLATIVE SESSION

LASERS Closed on Wednesday, April 10

State offices, including LASERS, will be closed on Wednesday, April 10, 2024, due to the threat of severe weather in our area.

All scheduled meetings, educational programs, and on‐site customer service on April 10 are cancelled.

Please check our website for the most up-to-date information on closure notices.

Retirement Legislation Update April 3, 2024

The House Retirement Committee is scheduled to meet on Thursday, April 11 at 9:30 a.m. There are currently three bills on the agenda that would impact LASERS, if passed:

  • HB 30 by Rep. Bagley would permit any rank-and-file member, regardless of age or first date of employment, to retire with 25 years of service.
  • SB 1 by Sen. Price specifies, that for transfers between systems, “employer contributions” are defined as only those employer contributions that are actuarially required.
  • HB 902 by Rep. Melerine provides relative to the voting shares held by retirement systems based on advice of proxy advisory firms. This new bill was recently added to our tracking list.

HCR 20 by Rep. Mike Johnson is also on the agenda. This resolution 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.

SB 5 Remains in Committee

SB 5 by Sen. Miguez was discussed at length in the Senate Retirement Committee meeting on Tuesday, April 2. The bill requires fiduciaries for public retirement systems to make investment decisions based solely on financial factors. At the meeting, the bill was amended by substitute; however, a motion to report the bill by substitute failed. The bill remains in committee and is subject to call at a later date.

 

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.

 

2024 LEGISLATIVE SESSION

View the New Annual Financial Reports

LASERS Annual Financial Reports for the fiscal year ended June 30, 2023 and 2022 are now available on our website.

Check Your Mailbox for Tax Form 1099-R

Please allow up to two weeks for delivery.

NEED IT FASTER?

For immediate access to your 1099-R or if you need to print a replacement copy, log in to your myLASERS account and click on the Documents tab.

If you have not already created a myLASERS account, you will need to do so prior to viewing documents in the system.

Learn how to create a myLASERS account here.

 

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Senate Retirement Meeting on Tuesday, April 2

2024 Louisiana Legislative Session

Senate Retirement Meeting on Tuesday, April 2

The Senate Retirement Committee is scheduled to meet on Tuesday, April 2 at 2:00 p.m. and will discuss SB 5 by Sen. Miguez. It requires fiduciaries for public retirement systems to make investment decisions based solely on financial factors.

Senate Bill 1 Advances

SB 1 by Sen. Price passed on the Senate Floor and awaits introduction in the House. This bill specifies, that for transfers between systems, “employer contributions” are defined as only those employer contributions that are actuarially required.

LASERS Tracking Two New Bills

  • HB 782 by Rep. McFarland was recently added to our tracking list. This bill makes supplemental appropriations for fiscal year 2023-2024 by allocating an additional $8.9 million to LASERS to apply to the balance of the initial unfunded accrued liability. HB 782 awaits introduction in House Appropriations.
  • LASERS is also tracking HB 800 by Rep. Beaullieu. This bill calls for a constitutional convention to convene on May 20, 2024, to be composed of 171 delegates, who are the 105 members of the House of Representatives, the 39 members of the Senate, and 27 delegates appointed by the governor. This bill also requires the convention to complete a new constitution by July 15, 2024.

 

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.

 

2024 LEGISLATIVE SESSION

LASERS Members Elect Five Trustees in 2023 Board Election

Baton Rouge – Louisiana State Employees’ Retirement System (LASERS) members elected five Trustees to the LASERS Board in the 2023 election.

Active LASERS members elected three candidates to serve four-year terms. The newly elected representatives are Pam Diez, Undersecretary at the Department of Health; Cortny Jarrell, Human Resources Analyst at the Louisiana House of Representatives; and Laura Lapeze, Undersecretary at the Department of Revenue.

LASERS retirees elected incumbent Virginia Burton, retired from the Department of Revenue, and Beverly Hodges, retired from the Department of Natural Resources. Hodges had previously served as a Trustee on the LASERS Board.

Voting ended on October 27 and the Board certified the election results at its November 16 meeting. Elected Trustees will be sworn in prior to the Regular Board Meeting in January 2024.

The 13-member policy-making Board has fiduciary oversight over LASERS. Members include six elected active members, three elected retired members, and four ex officio members including the State Treasurer, Commissioner of Administration, Senate Retirement Committee Chair, and Member of the House Retirement Committee appointed by the Speaker, or their designees.

LASERS administers a defined benefit pension plan that covers approximately 100,000 members. The system’s total market value of assets stands at $14.5 billion. LASERS Benefits Louisiana by paying over $1 billion in annual benefits to beneficiaries, providing a strong and reliable economic stimulus for the state.

For more information, contact Public Information Director Mallory Sharp at [email protected].

LASERS Reports 11.7% Investment Return

Baton Rouge — The Louisiana State Employees’ Retirement System (LASERS) reported an 11.7% investment return for the 12-month period that ended June 30, 2023.

The System’s total market value of investment assets stands at just over $13.2 billion.

“The benefit of diversification is evident in our investment returns. Our Board of Trustees and staff strive to be forward-thinking, disciplined, and efficient while continuing to allocate assets for the long term. We are pleased with our plan performance and believe that LASERS is well positioned to meet its future goals and objectives,” LASERS Chief Investment Officer Bobby Beale said.

“This year’s 11.7% investment return and asset growth is a reflection of our System’s dedicated team who work diligently to navigate the challenges posed by market volatility, economic shifts, and global uncertainties.” LASERS Executive Director Trey Boudreaux said. “This success is attributable to the wise decision-making of our Board and to our exceptional investment team, always working to provide retirement security for our members.”

LASERS administers a defined benefit pension plan that covers approximately 100,000 members. LASERS Benefits Louisiana by paying over $1 billion in annual benefits to retirees and their beneficiaries, providing a strong and reliable economic stimulus for the state.

For more information on LASERS investments, visit www.lasersonline.org/investments or contact LASERS Public Information Director Mallory Sharp at [email protected].

LASERS Announces Changes in Executive Management

Baton Rouge – The Louisiana State Employees’ Retirement System (LASERS) Board of Trustees is pleased to announce structural changes in management. The Board selected Bernard E. “Trey” Boudreaux, III to serve as Executive Director of the $12.8 billion retirement system. He replaces Cindy Rougeou, who retired from the position in June.

Boudreaux has over 32 years of Louisiana state government experience. He has been a part of the LASERS Executive staff since 2008, having served as Chief Administrative Officer and Chief of Staff.

Prior to joining LASERS, Boudreaux served as Undersecretary of the Department of Corrections. He has also worked for the Legislative Fiscal Office and the Attorney General’s Office. Boudreaux holds a bachelor’s in marketing and a master’s in public administration from  Louisiana State University (LSU). He is a member of the Louisiana Association of Public Employees’ Retirement Systems (LAPERS) and a recipient of the Civil Service League’s Monte M. Lemann Award in 2018.

“I am humbled and honored for the opportunity to lead the retirement system I’ve been a part of for 32 years. I was fortunate to work with Cindy Rougeou throughout my 15-year tenure at LASERS and I’m excited to work with the great team currently assembled,” Boudreaux said.

In addition to this change, Travis McIlwain is now LASERS Chief of Staff. McIlwain joined LASERS in 2021, most recently serving as Chief Administrative Officer. McIlwain began state service in 2005 and was the Louisiana State Budget Director at the Division of Administration,  Office of Planning and Budget prior to joining LASERS. He holds a bachelor’s in mass communication and a master’s in public administration from LSU.

Completing the LASERS Executive Management team, Tina Grant will continue to serve as Executive Counsel and Robert “Bobby” Beale will continue as Chief Investment Officer.

“Prior to Cindy’s retirement, the Board worked closely with Cindy, Trey, and the entire Executive team to ensure a smooth transition in leadership. We are confident in Trey’s ability to continue to uphold the LASERS mission of providing a sound retirement plan to members,” LASERS Board Chair Shannon Templet said.

LASERS administers a defined benefit pension plan that covers approximately 100,000 members. The System’s total market value of assets stands at $12.8 billion. LASERS Benefits Louisiana by paying over $1 billion in annual benefits to retirees and their beneficiaries, providing a strong and reliable economic stimulus for the state.

For more information on the LASERS Executive Management team, visit our website or contact LASERS Public Information Director Mallory Sharp at [email protected].

Candidates Announced in 2023 LASERS Board Election

Baton Rouge – Eight candidates are running in the 2023 Louisiana State Employees’ Retirement System (LASERS) Board of Trustees Election. Three open seats must be filled by active LASERS members and two by LASERS retirees. A random drawing was held to determine ballot positions for the candidates.

The four candidates for the three active positions, in ballot order, are: Laura Lapeze, Undersecretary with the Department of Revenue; Judge William Kleinpeter, Judge for Port Allen City Court; Cortny Jarrell, Human Resources Analyst at the Louisiana House of Representatives; and Pam Diez, Undersecretary at the Department of Health.

The four candidates for the two retiree positions, in ballot order, are: Virginia Burton, retired from the Department of Revenue; Kevin Shannahan, retired from the Department of Health; Beverly Hodges, retired from the Department of Natural Resources; and Charles Castille, retired from the Department of Health.

The 13-member policy-making Board has fiduciary oversight over LASERS. Members include six elected active members, three elected retired members, and four ex officio members including the State Treasurer, Commissioner of Administration, Senate Retirement Committee Chair, and Member of the House Retirement Committee appointed by the Speaker, or their designees.

LASERS administers a defined benefit pension plan that covers approximately 100,000 members. The system’s total market value of assets stands at $12.8 billion. LASERS Benefits Louisiana by paying over $1 billion in annual benefits to beneficiaries, providing a strong and reliable economic stimulus for the state.

The LASERS board election schedule and candidate platforms and qualifications are available at www.lasersonline.org. For more information, contact Mallory Sharp at [email protected].