Relative to La. public retirement systems, urges and requests the Senate Committee on Retirement and on Senate Committee Judiciary A to study the issues related to redesignating beneficiaries by retirees of such systems.
Impact
If successful, the findings of the joint committee will have potential implications for amending existing laws surrounding retirement benefits, especially in the context of community property principles in Louisiana. The resolution seeks to address frequent legislative instances where retirees are unable to provide for their current spouses due to previously designated beneficiaries from earlier marriages. The joint committee's recommendations could lead to legislative changes that allow retirees greater flexibility in designating beneficiaries to better reflect their current marital status, thereby directly impacting the financial rights of surviving spouses.
Summary
Senate Resolution No. 155 (SR155) calls for a joint study by the Senate Committee on Retirement and the Senate Committee on Judiciary A regarding spousal survivorship benefits within Louisiana's public retirement systems. This resolution emerges from concerns that retirees often cannot change their designated beneficiaries due to various marital changes over time, leading to significant inequities in financial security posthumously for current spouses versus former ones. SR155 emphasizes the need for equitable apportioning of retirement benefits based on the principles of fairness and community property rights.
Sentiment
The sentiment surrounding SR155 appears to be supportive of fairness and equitable treatment in retirement benefits among stakeholders. Legislators recognize the inadequacies within the current system which often favor prior spouses over those with whom the retiree may have a more recent and committed relationship. This acknowledgment suggests a general consensus that reform is not only necessary but overdue, reflecting a desire to protect families and ensure that benefits go to the intended recipients.
Contention
Despite the resolution's intent to facilitate fair treatment in the distribution of retirement benefits, it may encounter opposition from those who argue that such changes could undermine the contractual nature of retirement benefit designations. Critics might assert that altering beneficiary provisions could lead to complexities or disputes in legal interpretations of retirement contracts. Additionally, concerns may arise about how changes to these provisions would impact the overall stability of public retirement systems.
Relative to La. public retirement systems, urges and requests the House and Senate committees on retirement, the House Committee on Civil Law and Procedure, and the Senate committees on Judiciary A, B, or C, to study issues related to redesignating beneficiaries by retirees of such systems
Relative to state retirement systems, requests the House and Senate committees on retirement to study issues related to board membership and system investments
Relative to the Teachers' Retirement System of Louisiana, requests the House Committee on Retirement to study issues related to the conversion of leave time in excess of retirement benefit limits
Directs the La. State Employees' Retirement System, the Teachers' Retirement System of La., the La. School Employees' Retirement System, and the La. State Police Pension and Retirement System to report specified information to the House and Senate committees on retirement (EN NO IMPACT APV)
Requests Senate Committee on Judiciary A and House Committee on Civil Law and Procedure to meet and function as a joint committee to study heirship property and rights of a spouse to receive title to certain immovable property upon death of the other spouse.