Provides for the reemployment of retirees of the Teachers' Retirement System of Louisiana in critical shortage positions (OR INCREASE APV)
Impact
The proposed law directly impacts the existing regulations on how retirees from TRSL can reenter the workforce. Under the current law, retirees who returned to work faced limitations and penalties regarding their benefits. Specifically, retirees hired after June 30, 2020, must choose between maintaining a cap on their earnings or suspending their benefits altogether. HB35 seeks to eliminate these restrictive options in critical shortage situations, thereby potentially increasing the number of experienced teachers available to fill gaps in education.
Summary
House Bill 35 (HB35) is a legislative proposal aimed at amending the reemployment requirements for retirees of the Teachers' Retirement System of Louisiana (TRSL). This bill authorizes retirees who retired after June 30, 2020, to return to work in critical shortage positions without facing suspension or reduction of their retirement benefits. This change seeks to address staffing shortages in education by allowing qualified retirees to fill essential roles, particularly in areas experiencing a lack of certified candidates.
Sentiment
The sentiment surrounding HB35 is generally positive among those who advocate for strengthening the education workforce. Supporters argue that this bill is a pragmatic solution to a pressing issue in the education sector, particularly in light of the ongoing teacher shortages. However, there may be concerns about the long-term implications for pension systems and the employment dynamics within public education, leading some detractors to express caution.
Contention
While the overall aim of the bill is seen as beneficial, there could be contention regarding the financial implications of allowing more retirees to return without benefit penalties. Critics might argue that this approach could strain the state pension fund if not managed adequately. Additionally, some stakeholders might express concerns over whether this will attract a sufficient number of retirees back into the workforce or whether it undermines the opportunities for new educators.
Provides for benefit increases for retirees, beneficiaries, and survivors of state retirement systems and the funding therefor. (2/3-CA10s(29)(F)) (gov sig) (EN INCREASE FC SG RE)
Provides relative to the funding deposit account for Municipal Police Employees' Retirement System and authorizes the board of trustees of the system to modify employer contributions (EN SEE ACTUARIAL NOTE FC)
Dedicates a portion of the 0.45% state sales tax to payment of the Teachers' Retirement System of La. initial unfunded accrued liability and to highway and bridge preservation projects (RE -$444,300,000 GF RV See Note)