2022 Legislative Bills Impacting LASERS
The 2022 Regular Session of the Louisiana Legislature ended June 6. The following retirement bills were proposed and the LASERS Board of Trustees’ positions are noted on each piece of legislation, as well as action taken during the session. Visit the Louisiana State Legislature Website for specific information.
Updated: 06.28.22
Impacts LASERS
| SB 5 – Price | Position Taken: Support |
| Systems Impacted: LASERS LASERS Sponsored Provides a nonrecurring supplemental payment to eligible LASERS retirees and beneficiaries. For detailed information, visit the One-Time Payment webpage.
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| SB 438 – Price, Rep. Bacala | Position Taken: Support |
| Systems Impacted: LASERS LASERS Sponsored Creates a new bi-partisan, LASERS-specific retirement plan with a Defined Benefit (DB) foundation and a Defined Contribution (DC) add-on. This new plan would be for LASERS rank-and-file members hired on or after January 1, 2024. The plan does include a provision allowing the new hires to opt-in to the traditional DB plan within two years of hire. For detailed information, visit the New Retirement Plan page.
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| HB 19 – DeVillier | Position Taken: Support |
| Systems Impacted: LASERS Provides relative to membership in the LASERS Hazardous Duty Services Plan by adding employees of the Office of the State Fire Marshal who are Firefighter I certified and who provide emergency response, or who conduct fire and emergency training to the LASERS Hazardous Duty Services Plan.
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| HB 25 – McCormick | Position Taken: Oppose |
| Systems Impacted: State and Statewide Prohibits retirement systems from investing in companies with policies that prohibit doing business with or investing in energy companies.
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| HB 29 – Nelson | Position Taken: Support |
| Systems Impacted: State Constitutional Amendment Proposes a constitutional amendment that, if approved by voters on November 8, 2022, would require a minimum of 50 percent of all nonrecurring state revenues be applied to the Unfunded Accrued Liabilities (UALs) of LASERS, TRSL, LSERS, and LSPRS beginning in FY 23-24.
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| HB 31 – Tarver, P. |
Position Taken: Support |
| Systems Impacted: State Constitutional Amendment Proposes a constitutional amendment that, if approved by voters on November 8, 2022, would direct nonrecurring state revenue funds to provide a nonrecurring lump-sum payment to eligible retirees of the systems. The appropriation for such benefit would be a total of either $50 million or the balance of nonrecurring funds after allocations are made against Unfunded Accrued Liabilities (UALs) and for the Budget Stabilization Fund, whichever is less.
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| HB 32 – Tarver, P. |
Position Taken: Support |
| Systems Impacted: State Requires the Public Retirement Systems’ Actuarial Committee (PRSAC) to report to the legislature regarding the number of retirees who are eligible for the supplemental benefit provided for by HB 31.
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| HB 592 – Zeringue |
Position Taken: Support |
| Systems Impacted: State Makes supplemental appropriations for Fiscal Year 2021-2022 – allocates an additional $21.8 million to LASERS to apply to the balance of the Unfunded Accrued Liability.
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| HR 137 – Jordan |
Position Taken: Not Yet Taken |
| Systems Impacted: State and Statewide Systems Requests the state and statewide systems to invest with companies and work with minority fund managers that practice diversity, equity, and inclusion.
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Of Interest to LASERS
| HCR 11 – Johnson |
Position Taken: Support |
| Systems Impacted: Urges and requests the legislatures of each state of the United States to pass similar resolutions calling upon Congress to support actions as necessary to review and eliminate the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
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