Louisiana House Bill HB24

Louisiana 2019 Regular Session

• Introduced: 2/21/19
• Refer: 2/21/19
• Refer: 4/8/19
• Report Pass: 4/25/19
• Engrossed: 5/7/19
• Refer: 5/8/19
• Report Pass: 5/20/19
• Enrolled: 5/29/19
• Chaptered: 6/3/19
• Passed: 6/3/19

Caption

Provides for the enrollment of additional employees in the Parochial Employees' Retirement System of Louisiana (EN INCREASE APV)

Impact

The passage of HB 24 has the potential to significantly influence the landscape of retirement benefits for employees working in public trusts. By integrating these employees into the Parochial Employees' Retirement System, the bill introduces a new layer of security for workers whose roles are critical to local governance and community well-being. This change could also foster greater job retention in public service by enhancing the benefits package that public trusts can offer to their employees.

Summary

House Bill 24 aims to amend the Parochial Employees' Retirement System of Louisiana, expanding its membership to include employees of certain public trusts. This act essentially establishes a framework to allow specific public trusts created for the benefit of a parish to enroll their employees in the state's retirement system. By doing this, the bill seeks to ensure that employees of these public entities have access to retirement benefits, aligning them with existing public sector employees covered by the system.

Sentiment

Overall, the sentiment around HB 24 appears to be favorable, particularly among proponents who advocate for better employment benefits for public trust workers. Supporters view the bill as a necessary step towards equity in retirement benefits among public employees, emphasizing the importance of financial security for all workers contributing to public trust missions. Critics are less prominent but may express concerns about the financial implications of expanding the retirement system to include these additional employees.

Contention

Notable points of contention may arise around the funding of increased enrollment in the retirement system. As more entities seek inclusion, discussions may surface regarding the sustainability of pension funds and the economic ramifications for the state. Moreover, ensuring that the retirement plans offered remain equitable and do not overextend the system will be a point of scrutiny as the implementation of HB 24 progresses.