Relative to the La. School Employees' Retirement System (LSERS), the State Police Pension and Retirement System (LSPRS), and the Parochial Employees' Retirement System (PERS), provides for compliance with applicable federal tax qualification requirements (EN NO IMPACT APV)
Impact
The primary outcome of HB 393 is the establishment of clear guidelines for survivor benefits connected to military service, which is a significant change for individuals who were employed in these government sectors. The changes require that the service members' qualified military time be credited for vesting purposes, enhancing the eligibility of surviving dependents for benefits. This adjustment is particularly important as it ensures that survivors retain a form of financial support in the event of the service member's death, thereby offering greater security for their families.
Summary
House Bill 393 addresses amendments to the Louisiana School Employees' Retirement System, the State Police Pension and Retirement System, and the Parochial Employees' Retirement System regarding survivor benefits for members who die while performing qualified military service. The bill introduces provisions to ensure compliance with applicable federal tax qualification requirements for these retirement systems, thereby aligning state laws with federal regulations.
Sentiment
The overall sentiment around HB 393 appears to be supportive, particularly among legislators who emphasize the importance of military service recognition in state retirement plans. By enabling compliance with federal law, proponents argue that HB 393 addresses potential deficiencies in the current statutes while reinforcing the state's commitment to its servicemen and women. Nonetheless, concerns may arise regarding the implications for funding these extended benefits within the retirement systems, which could foster debate on financial sustainability.
Contention
While there is general support for the bill as it promotes the welfare of military members and their families, some discussion may focus on how the new provisions will impact existing retirement systems and if they would lead to increased costs for state pension plans. Opponents might express concerns regarding the funding mechanisms that will be necessary to implement these changes effectively without compromising the financial health of the retirement systems. Overall, HB 393 reflects a broader conversation about the responsibilities and supports afforded to military families within state law.
Provides relative to compliance with applicable federal tax qualification requirements for Teachers' Retirement System of Louisiana, Louisiana School Employees' Retirement System, and State Police Pension and Retirement System. (7/1/10) (EN NO IMPACT APV)
Provides for notice to employees when a charter school withdraws from the Teachers' Retirement System of La. or the La. School Employees' Retirement System (OR NO IMPACT APV)
Public retirement systems; cost-of-living increases; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date.