Provides for certain eligible rollover distributions. (6/30/18) (EN NO IMPACT APV)
Impact
The impact of SB11 is significant as it simplifies the rollover process for members of the Clerks' of Court Retirement and Relief Fund. By allowing individuals to directly rollover their eligible distributions to various retirement plans without incurring immediate tax repercussions, the bill provides greater flexibility and security in retirement planning. This adjustment in state law aligns with broader federal regulations concerning retirement savings and distributions.
Summary
Senate Bill No. 11, introduced by Senator Peacock, aims to amend existing legislation regarding the Clerks' of Court Retirement and Relief Fund in Louisiana. The bill specifically focuses on enabling eligible rollover distributions for members and former members of the fund. The proposed changes seek to clarify the conditions under which these rollovers can occur, thereby providing more options for individuals managing their retirement accounts.
Sentiment
The sentiment surrounding SB11 appears to be generally positive, as there is a clear recognition of the need for more accessible retirement options for public servants affected by this regulation. Lawmakers and stakeholders have expressed support for the bill, understanding its potential to improve the financial wellness of members at the time of retirement. The unanimous support during the voting process further reflects the bipartisan agreement on the necessity of these amendments.
Contention
Notable points of contention may arise regarding how these changes interact with existing pension frameworks and their long-term fiscal impact on the state’s retirement system. While the bill promotes individual choice and flexibility in managing retirement funds, concerns may be voiced regarding the sustainability and funding of the retirement system as more individuals opt for rollovers. Lawmakers will need to ensure that these adjustments do not inadvertently compromise the financial stability of the retirement fund.
Provides for definitions relative to rollovers of sums between the Firefighters' Retirement System and other qualified plans under the provisions of the Internal Revenue Code (EN NO IMPACT APV)
Provides relative to compliance with applicable federal tax qualification requirements for Teachers' Retirement System of Louisiana, Louisiana School Employees' Retirement System, and State Police Pension and Retirement System. (7/1/10) (EN NO IMPACT APV)
Retirement: state police; membership in the retirement system of certain law enforcement officers first hired after certain date; provide for, and allow for purchasing service credit for certain law enforcement officers' service under the state employees' retirement system. Amends secs. 3 & 4 of 1986 PA 182 (MCL 38.1603 & 38.1604).
Retirement: state police; membership in the retirement system of certain law enforcement officers first hired after certain date; provide for, and allow for purchasing service credit for certain law enforcement officers' service under the state employees' retirement system. Amends secs. 3 & 4 of 1986 PA 182 (MCL 38.1603 & 38.1604). TIE BAR WITH: SB 0166'23, SB 0167'23
Probate: other; prima facie evidence that transfer is made for value; modify to reflect repeal of the state real estate transfer tax act. Amends sec. 3912 of 1998 PA 386 (MCL 700.3912). TIE BAR WITH: HB 5811'24
Provides for definitions relative to rollovers of sums between the Firefighters' Retirement System and other qualified plans under the provisions of the Internal Revenue Code (EN NO IMPACT APV)