Authorizes the board of trustees of the Firefighters' Retirement System to adopt group trust provisions pursuant to Internal Revenue Service rulings (EN NO IMPACT APV)
Impact
The impact of HB 65 on state laws involves refining the operational framework of the Firefighters' Retirement System, particularly concerning the management of its funds and investments. By granting the trustees clear authority to adopt group trust provisions, the bill allows for more flexible investment strategies, which could lead to improved financial performance of the retirement system. This change is expected to enhance the retirement benefits available to firefighters in Louisiana.
Summary
House Bill 65 amends and reenacts provisions related to the Firefighters' Retirement System in Louisiana. It provides specific authority for the board of trustees to adopt group trust provisions compliant with applicable Internal Revenue Service (IRS) rules. The primary focus of the bill is to enhance the management and investment of system funds, ensuring that these align with federal regulations.
Sentiment
General sentiment around HB 65 appears to be positive, particularly among stakeholders in the firefighting community and financial management sectors. Supporters recognize the necessity of aligning state retirement funds with federal investment guidelines, promoting better stability and growth in investment returns. The bill was passed unanimously in the Senate, indicating widespread legislative support.
Contention
While the bill did not face significant opposition, discussions might have centered around the implications of turning to group trusts for retirement assets management. Notably, concerns regarding transparency and accountability in the management of the funds could arise, although no overt points of contention were noted in the discussions surrounding the bill. Overall, the passage of HB 65 represents a legislative effort to modernize the operations of the Firefighters' Retirement System.
Provides for the authority of the board of trustees of the Firefighters' Pension and Relief Fund in the city of New Orleans (NOFF) to promulgate rules and regulations relative to the applicable provisions of the Internal Revenue Code (EN NO IMPACT APV)
Provides for definitions relative to rollovers of sums between the Firefighters' Retirement System and other qualified plans under the provisions of the Internal Revenue Code (EN NO IMPACT APV)
Establishes a funding deposit account for the Firefighters' Retirement System and authorizes the board of trustees of the system to modify required employer contribution rates in certain circumstances and within certain limits in order to fund the account (EN NO IMPACT APV)
Provides for the composition, terms, powers, and duties of the Shreveport police and firefighters' pension boards of trustees. (gov sig) (EN NO IMPACT APV)