(Constitutional Amendment) Removes the guarantee of retirement benefits for state employees in certain circumstances (OR NO IMPACT APV)
Impact
The legislative changes brought about by HB 45 could lead to significant alterations in how retirement benefits are handled for state employees. By amending the constitution, the bill limits the guarantees currently in place regarding non-annuitized benefits; only annuitized benefits would be immune to reduction. This change may allow the state to modify future benefits, potentially leading to lower pension payouts for employees who are still working when these decisions are made.
Summary
House Bill 45, introduced by Representative Barry Ivey, proposes a constitutional amendment that affects retirement benefits for state employees in Louisiana. The bill aims to provide the legislature with greater flexibility in establishing and modifying pension benefits under state retirement systems. According to current law, benefits that have not yet been annuitized, meaning they have not yet entered pay status, can potentially be diminished or changed, which would allow the legislature to alter future benefit accruals.
Sentiment
The sentiment surrounding HB 45 is likely to be mixed, as it proposes a fundamental shift in the security of retirement benefits for state workers. Supporters may argue that this flexibility is necessary for managing the state’s financial responsibilities effectively, while opponents may view it as a measure that jeopardizes the financial futures of public employees, undermining retirement security and trust in state-managed pension plans.
Contention
A notable point of contention regarding HB 45 is the fear that it could undermine the existing contractual relationship between state employees and the government concerning retirement systems. Critics are concerned that allowing the legislature to modify benefits could result in less secure retirement outcomes for workers. Thus, the bill raises essential questions about the balance of power between the state and its employees in managing retirement benefits.
(Constitutional Amendment) Limits the application of the guarantee of retirement benefits for state employees to certain types of benefits (OR NO IMPACT APV)
(Constitutional Amendment) Requires new hires enrolled in state retirement systems to share certain retirement costs equally with their employer (OR NO IMPACT APV)
Constitutional Amendment to change state employees from a defined benefit retirement plan to a defined contribution plan. (2/3 - CA13s1(A)) (OR NO IMPACT APV)
(Constitutional Amendment) Provides for forfeiture of retirement benefits by public officials and employees who are convicted of felony acts associated with their positions (OR NO IMPACT APV)
A Constitutional Amendment to provide for forfeiture of retirement benefits by public officials and employees who are convicted of felony acts associated with their positions. (OR NO IMPACT APV)
(Constitutional Amendment) Relative to state retirement systems, permits the legislature to establish a defined contribution plan for new hires (OR NO IMPACT APV)
(Constitutional Amendment) Provides for forfeiture of public retirement benefits by certain persons who are convicted of felony acts associated with their positions (OR NO IMPACT APV)
(Constitutional Amendment) Authorizes the legislature to provide for forfeiture of retirement benefits by public officials and employees who are convicted of felony acts associated with their positions (EN NO IMPACT APV)
Relative to the La. State Employees' Retirement System (LASERS), allows certain individuals to rescind their originally selected retirement option under certain circumstances (OR NO IMPACT APV)