The bill to provide the next Permanent Benefit Increase (PBI) to eligible retirees and their beneficiaries is one step closer to being approved by the legislature. The House Retirement Committee passed Senate Bill No. 21 on April 24, 2014. The bill now goes to the full House of Representatives for debate. Also included on the agenda for the proceedings of the House Retirement Committee held on April 24, 2014 was House Bill No. 1225. This bill will change the frequency, amount, and funding mechanism for PBIs to be paid after July 1, 2014. House Bill No. 1225 was also passed by the committee. Provisions of this legislation say the bill must be acted into law in order for the PBI to be paid on July 1, 2014. The House of Representatives also passed House Bill No. 38 which will increase the eligible retirement age from 60 to 62, and defeated House Bill No. 45 dealing with membership of certain groups in the Teachers’ Retirement System of Louisiana. All of these pieces of legislation are summarized on the attached LRTA Legislative Update No. 10. Have an enjoyable weekend, and we’ll be back in touch next week. Click the link provided below to view Legislative Update No. 10. lrta.net/2014%20Legislative%20Update%20No%2010.pdf
Posted on: Thu, 24 Apr 2014 20:50:23 +0000
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