Outcome of the 2017 Legislative Session
For complete information and positions taken by LASERS Board on the 2017 Legislative Session, see the detailed list.
The 2017 Regular Legislative Session closed with minimal impact to LASERS members. Only six pieces of legislation were on the LASERS watch list that were of significance to the System.
Two bills passed with amendments:
|Pearson||Addresses legislative staff attending executive sessions of state and statewide retirement system board meetings. The final version contains a provision that a person who has been found in violation of the Ethics Code in a matter involving the misuse of public funds shall be ineligible to serve as a retirement system trustee.|
|Peacock||Provides for correction of membership enrollment errors. Within 30 days of discovery of an error, the process of correction must be initiated. The employer must pay any amount necessary to the correct retirement system to provide service credit if the amount transferred is insufficient. The accrual rate of the correct system is used to calculate the employee’s benefit.|
Two pertinent resolutions passed:
|SCR 22||Mizell||Memorializes congress to consider eliminating the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions. Please note that this resolution by the Louisiana Legislature supports the elimination of the WEP and GPO, but a change in federal law is required to make that happen.|
|SR 123||Milkovich||Requests each state retirement system to make the quarterly investment reports that are submitted pursuant to Senate Resolution No. 175 of the 2005 Regular Session available on their website.|
Two measures failed to pass:
|HB 55||Carter||(Constitutional Amendment) Removes the prohibition related to the imposition of an additional tax or license on gas, authorizes the levy of a tax, fee, permit, or license on natural gas transported in Louisiana, and creates the Fair Share Fund (the Fair Share Fund may provide additional funds for payments against the UAL).|
|SR 39||Milkovich||To urge and request each state retirement system to provide comprehensive quarterly reports to the Senate Committee on Retirement detailing the amount of funds invested, a listing of each investment and with whom, the returns on each investment and the fees paid by the system for services related to that investment for the quarter and for the plan year to date, the methodology by which the fees are calculated, and to whom paid, commencing with the quarter beginning on July 1, 2017. For all private assets, the reported methodology shall not include any proprietary or trade secret information. This shall replace the reporting required pursuant to Senate Resolution No. 175 of the 2005 Regular Session of the Legislature.|