Louisiana House Bill HB1202

Louisiana 2012 Regular Session

• Introduced: 4/24/12
• Engrossed: 5/10/12
• Refer: 5/14/12
• Report Pass: 5/21/12
• Enrolled: 5/24/12
• Chaptered: 6/5/12
• Passed: 6/5/12

Caption

Relative to the District Attorneys' Retirement System (EN INCREASE APV)

Impact

The implications of HB 1202 serve to clarify the retirement benefits for district attorneys and their staff, ensuring that they are in line with federal regulations. The bill introduces provisions such as an excess benefit arrangement to accommodate certain situations where retirement benefits could exceed legal limits established under federal law. The adjustments also emphasize the importance of service credit, allowing members to claim previous service in an efficient manner, which could potentially lead to enhanced retirement benefits for those returning to service after retirement.

Summary

House Bill 1202 pertains to the District Attorneys' Retirement System of Louisiana and amends several existing provisions while enacting new ones. The primary aim of this bill is to ensure the federal tax qualification status of the retirement system and make adjustments that reflect changes in regulations. By referencing various sections of existing law, the bill addresses how benefits are calculated, including limits on annual additions and provisions for reemployment and survivor benefits. This is a critical measure to safeguard the retirement benefits of individuals serving in district attorney roles within the state's judicial system.

Sentiment

The sentiment surrounding the legislation appears to be generally positive among proponents who advocate for the betterment of district attorneys' retirement packages. They argue that by ensuring tax qualification and updating the system accordingly, the legislature is supporting public servants and promoting a sustainable retirement framework for those in the judicial system. However, there may be some concerns regarding the extent of the changes and their potential impact on overall funding and benefit distribution within the retirement system.

Contention

Notable points of contention may arise from the excess benefit arrangement created by the bill, which allows for a separate, nonqualified account to administer benefits that exceed the limits imposed by the IRS. Some members might argue that this sets a precedent for unequal treatment within public retirement systems. Additionally, adjustments to how surplus contributions are managed may lead to debates over financial priorities and fairness among various public employee retirement systems in Louisiana.