Allows retired educational diagnosticians and reading specialists to avoid benefit suspension during reemployment. (2/3 - CA10s29(F)) (6/30/14) (OR +$312,500 APV)
Impact
The proposed legislation expands the list of educators eligible for less restrictive suspension of benefit rules, potentially leading to an increase in early retirements among TRSL members who are motivated to retire earlier due to the ability to supplement their income through reemployment. While this measure supports retirees' financial needs, it introduces actuarial costs that were previously mitigated under prior law aimed at retaining educators in the workforce.
Summary
Senate Bill 29 (SB29) facilitates a more flexible retirement structure for members of the Teachers’ Retirement System of Louisiana (TRSL) by allowing retired educational diagnosticians and reading specialists to return to work without facing the suspension of their pension benefits. This change aims to ease the financial pressure on educators considering retirement and encourages professional staff to re-engage in the educational environment while still benefiting from their retirement. Previously, retirees had significant restrictions on dual income, primarily through the 'Two Check Rule', which limited their ability to work while receiving pensions.
Sentiment
The overall sentiment regarding SB29 appears to be positive among educators and advocates who support the return of experienced professionals into the classroom. Many believe that adding educational diagnosticians and reading specialists to the list of eligible roles fosters a more robust educational environment. However, concerns exist about the potential negative financial implications for the TRSL system arising from possible increased strain on pension payouts due to earlier retirements.
Contention
While the bill seeks to benefit both educators and the educational system, the contention arises around its financial implications. Critics point out that allowing retirees to draw benefits without job restrictions may lead to increased costs for the TRSL system, particularly if a significant number decide to retire earlier than planned. There is also uncertainty regarding the actual number of members who may choose this path, raising questions about the sustainability of pension funds under these changes.
Allows retired adjunct professors to avoid benefit suspension during reemployment, subject to an earnings limitation. (7/1/12) (2/3 - CA 10s29(F)) (EN INCREASE APV)
Relative to the Teachers' Retirement System of La. (TRSL), allows certain reemployed retirees to receive retirement benefits during reemployment (EN INCREASE APV)
Relative to the Teachers' Retirement System of La. (TRSL), allows retirees rehired as substitute teachers to collect retirement benefits during reemployment under certain circumstances (RE INCREASE APV)
Relative to the Teachers' Retirement System of Louisiana (TRSL), allows retirees rehired as substitute teachers to collect retirement benefits during reemployment under certain circumstances (EN INCREASE APV)
Relative to the Teachers' Retirement System of Louisiana (TRSL), allows certain reemployed retirees to receive retirement benefits upon reemployment (EN INCREASE APV)
Provides relative to the reemployment of retired interpreters, educational transliterators, and certified educators of the hearing impaired in positions covered by the Teachers' Retirement System of Louisiana (EN INCREASE APV)
Establishes a flat rate of insurance premium tax and provides relative to certain insurance premium tax credits and exemptions (RR SEE FISC NOTE GF RV)