Provides for the treasurer and the secretary of state to be members of the board of trustees. (6/30/17) (EN +$48,572 APV)
This legislation impacts state laws pertaining to the governance of the retirement system by modifying the structure of the board, potentially enhancing accountability and representation. By including high-level officials like the state treasurer and secretary of state, the bill seeks to leverage their expertise and authority in the management of the fund. The adjustment from eight to ten members aims to ensure a broader set of perspectives is represented in decision-making processes concerning retirement benefits for registrars of voters, thereby expecting to improve the functioning of the system.
Senate Bill 3 amends the composition and membership requirements for the Board of Trustees of the Registrar of Voters Employees' Retirement System. The bill increases the number of trustees from eight to ten and includes provisions for the state treasurer and the secretary of state to serve as ex officio members, along with the appointment of a member from the House Committee on Retirement and the Senate Committee on Retirement. These changes are aimed at improving oversight and governance of the retirement system for registrars of voters in Louisiana.
The general sentiment around SB 3 appears to be positive, particularly among supporters who seek to ensure that those serving in vital electoral roles have a robust and representative board overseeing their retirement benefits. The inclusion of well-known state officials as board members is seen as a step towards greater stability and credibility in the retirement system. However, the bill may not be without concern regarding maintaining a balance of elected versus appointed members, which some advocates argue is crucial for fair representation.
While the bill is positioned as a beneficial reform, there may be points of contention regarding the balance of power among appointed and elected trustees. Critics may argue that having significant state officials on the board could overshadow the voice of the regular members elected from within the system. There are concerns that these changes could lead to increased bureaucracy and diminish the local input of the dedicated employees who are directly impacted by the retirement system decision-making.