Louisiana 2012 Regular Session

Louisiana House Bill HCSR3

Caption

Study funding for cost-of-living adjustments for retired members of state systems

Impact

If enacted, HCSR3 would instruct the House and Senate Committees on Retirement to convene as a joint committee to investigate and report on potential funding strategies. This move reflects a legislative commitment to addressing the economic challenges faced by retirees, particularly after severe market downturns that have impacted state pension funds. The findings of the joint study could lead to actionable recommendations for legislative changes aimed at securing stable benefits for retirees.

Summary

House Concurrent Study Request No. 3 (HCSR3) proposes a study to explore funding mechanisms for cost-of-living adjustments (COLAs) for retired members of Louisiana's state retirement systems. This initiative recognizes the adverse effects of inflation on fixed income retirees and aims to ensure that their benefits keep pace with the rising cost of living. The study intends to investigate alternatives that could facilitate these adjustments without compromising the financial health of the retirement systems.

Sentiment

The general sentiment surrounding HCSR3 is supportive, as it shows acknowledgment of the issues faced by retired state employees. Legislators expressing support highlight the necessity of addressing inflation impacts on fixed incomes, aligning with broader concerns about economic security for retirees. Nonetheless, there may be contention regarding specific funding sources that could be proposed following the study, as any financial implications could affect the overall budget and resources allocation within the state's retirement systems.

Contention

Notable points of contention may arise from the proposed study's outcomes, particularly any recommendations that surface regarding funding mechanisms. Stakeholders, including retired state employees and fiscal conservatives, may express differing opinions on how to secure funding for COLAs, balancing the need for adequate retiree support with the fiscal sustainability of state retirement systems. The discussions will likely center around finding a consensus that protects retirees while maintaining the integrity of the state's financial obligations.

Companion Bills

No companion bills found.

Previously Filed As

LA HR136

Requests the Firefighters' Retirement System Board of Trustees to review cost-of-living adjustments for system retirees

LA HCSR3

Requests a study of the conversion of annual and sick leave to retirement credit by members of state and statewide retirement systems

LA HCSR8

Relative to state retirement systems, requests the House and Senate committees on retirement to study issues related to board membership and system investments

LA HB63

Approves a cost-of-living adjustment for retirees of each state retirement system

LA HB1018

Prohibits limitations on the transfer of investment gains to accounts used to fund cost-of-living adjustments in the state retirement systems (OR -$2,200,000,000 APV)

LA HCSR14

Relative to La. public retirement systems, urges and requests the House and Senate committees on retirement, the House Committee on Civil Law and Procedure, and the Senate committees on Judiciary A, B, or C, to study issues related to redesignating beneficiaries by retirees of such systems

LA HSR2

Requests the House Committee on Retirement to study pension buyouts for certain state retirement system members

LA HB46

Authorizes a cost-of-living adjustment for certain retirees of the La. School Employees' Retirement System and their beneficiaries (EN +$12,000,000 APV)

LA SB242

Relative to the cost of living adjustments for certain group II retirees in the New Hampshire retirement system.

LA HB571

Relative to the cost of living adjustments for certain group II retirees in the New Hampshire retirement system.

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