HASBSB24 TYLERT 2365
SENATE SUMMARY OF HOUSE AMENDMENTS
SB 24 2021 Regular Session Price
KEYWORD AND SUMMARY AS RETURNED TO THE SENATE
RETIREMENT BENEFITS. Provides a minimum benefit increase for certain
retirees, beneficiaries, and survivors of the Teachers' Retirement System of
Louisiana, Louisiana State Employees' Retirement System, Louisiana School
Employees' Retirement System, and State Police Retirement System. (see Act)) (2/3
CA10s29(F))
SUMMARY OF HOUSE AMENDMENTS TO THE SENATE BILL
1 Adds effective date upon signature by the governor or June 30 2021,
whichever is earlier.
2. Makes technical amendments
DIGEST OF THE SENATE BILL AS RETURNED TO THE SENATE
DIGEST
SB 24 Engrossed 2021 Regular Session Price
Proposed law, relative to the Louisiana State Employees' Retirement System (LASERS), the
Teachers' Retirement System of Louisiana (TRSL) and the Louisiana School Employees'
Retirement System (LSERS), provides a monthly benefit increase to:
(1)Any retiree who on 6/30/21, meets the following criteria:
(a)He has 30 or more years of service credit.
(b)He has been retired for 15 years or more.
(c)He receives a monthly retirement benefit of less than $1,450 dollars.
(d)He is at least 60 years of age.
(e)He has neither participated in the Deferred Retirement Option Plan (DROP)
nor chosen the Initial Benefit Option (IBO).
(2)Any nonretiree beneficiary of a retiree who would meet the above criteria if the
retiree were alive.
(3)Any unmarried surviving spouse, minor child, or mentally or physically handicapped
child of a deceased member, which survivor is receiving a monthly retirement benefit
of less than $1,450 on 6/30/21, the deceased member would have met all of the
following criteria:
(a)He has been retired for at least 30 years.
(b)He has been deceased for 15 years or more.
(c)He would have been at least age 60.
(d)He did not participate in DROP.
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Proposed law provides that such increase shall be in the form of an increase to a retiree's or
beneficiary's monthly benefit in an amount equal to the lesser of $300 per month or the
amount necessary to increase his monthly benefit to $1,450.
Present law provides several payment options for retirement benefits, which a retiree may
choose if he wishes benefits to continue being paid to a designated beneficiary upon his
death. Such options will reduce the amount of the monthly benefit that a retiree receives
during his lifetime, and may in turn reduce the amount of the monthly benefit that his
beneficiary receives upon his death.
Proposed law provides that if any beneficiary to whom proposed law applies is receiving a
monthly benefit based upon an optional allowance pursuant to present law, which amount
is less than that received by the retiree while alive, the amount of the increase payable
pursuant to proposed law shall be prorated based upon the option chosen.
Present law generally provides for survivor benefits for certain survivors of deceased
members which members died prior to applying for retirement.
Proposed law provides that any unmarried surviving spouse, minor child, or mentally or
physically handicapped child, who is receiving a survivor benefit under present law shall
receive a benefit increase pursuant to proposed law. Any person who is the sole survivor of
such a member shall receive the lesser of $300 per month or the amount necessary to increase
his monthly benefit to $1,450. If there are multiple persons receiving such survivor benefits,
an increase of $300 per month shall be shared equally among them.
Present law generally provides for an employee experience account from which all LASERS,
TRSL, and LSERS cost-of-living adjustments are payable.
Proposed law provides that funding for the benefit increase payable pursuant to proposed law
shall come from the employee experience account.
STATE POLICE RETIREMENT SYSTEM
Proposed law, relative to State Police Retirement System (SPRS), provides that a
nonrecurring lump sum shall be payable to:
(1)Each retiree of the system, other than a disability retiree, who meets all of the
following criteria:
(a)The retiree, or the retiree and an alternate payee both combined, receives a
monthly benefit of two thousand five hundred dollars or less.
(b)The retiree has attained at least age sixty by 6/30/21.
(c)The retiree has received a benefit for at least one year by 6/30/21.
(d)The retiree has neither participated in the Deferred Retirement Option Plan
(DROP), (Back-DROP), nor Initial Benefit Option (IBO) pursuant to present
law.
(e)The retiree was hired prior to 9/8/78 and retired with 20 or more creditable
years of service pursuant to the provisions of present law, or was hired on or
after 9/8/78 and retired with 25 or more creditable years of service pursuant
to the provisions of present law.
(2)Each nonretiree beneficiary receiving a benefit who meets all of the following
criteria:
(a)The nonretiree beneficiary's benefit is not based upon the death of a disability
retiree.
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(b)The benefits had been paid to the retiree or the beneficiary, or both combined
for at least one year as of 6/30/21.
(c)The retiree would have attained age sixty by 6/30/21.
(d)The retiree for whose benefit the nonretiree is a beneficiary, otherwise meets
the criteria set forth in present law of this proposed law.
(3)Any person who receives a survivor benefit from the system based upon a member's
death in the line of duty as of 6/30/21.
(4)Any disability retiree, or a person who receives benefits from the system based on the
death of a disability retiree, as of 6/30/21.
Proposed law provides that any benefit increase paid pursuant to proposed law shall be paid
from the funds in the system experience account.
Proposed law provides that each person to whom proposed law applies shall receive a
nonrecurring lump sum payment, payable 8/31/21, that is the lesser of:
(1)Three dollars for each month of creditable service plus two dollars for each month
of retirement through 6/30/21.
(2)The member's current monthly benefit.
Proposed law provides that the actuarial cost of implementing the provisions of proposed law
shall be paid from the employee experience account.
Effective June 30, 2021.
(Adds R.S. 11:542.1.2, 883.3.1, 1145.4, and 1331.3)
______________________
Thomas L. Tyler
Deputy Chief of Staff
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