Louisiana Senate Bill SB27

Louisiana 2012 Regular Session

• Introduced: 3/12/12
• Refer: 3/12/12

Caption

Relative to benefits in Louisiana State Employees' Retirement System. (6/30/12) (OR NO IMPACT APV)

Impact

The enactment of SB27 is expected to have a significant impact on state laws related to retirement for state employees. It clarifies the eligibility criteria for various workers, particularly emphasizing the distinctions between new hires and long-term employees. The bill intends to provide a clearer framework for calculating retirement benefits, potentially leading to greater financial security for state employees upon retirement. Additionally, by addressing the contributions required from members, the bill aims to ensure the sustainability of the retirement system for future beneficiaries.

Summary

Senate Bill 27 is designed to amend and reenact several sections of the Louisiana State Employees' Retirement System (LASERS) laws, focusing on membership, contributions, eligibility, and the calculation of benefits. The bill introduces modifications that specifically address who qualifies for membership in the retirement system, the contributions required from members, and the parameters for calculating retirement benefits. The proposed changes aim to streamline the retirement process and ensure a more equitable distribution of benefits among state employees.

Sentiment

The sentiment surrounding SB27 appears to be primarily supportive among state legislators, particularly those advocating for state employees' rights and benefits. Proponents argue that the bill is a necessary reform to modernize the retirement system and ensure that it meets the needs of contemporary workers. However, there may be some concerns among groups who feel that certain amendments could detract from existing benefits or create complexities within the retirement system, highlighting the need for careful implementation and communication.

Contention

One notable point of contention surrounding SB27 lies in the potential consequences for individuals currently receiving retirement benefits from other systems who wish to join LASERS. Critics of the bill could argue that making membership optional for some employees may lead to inequities in benefits available to long-serving state employees versus newer hires. The bill's revisions could also prompt a debate about the balance between accessible retirement opportunities and the fiscal sustainability of the state retirement funds, raising important questions about future state liability.