Louisiana House Bill HB14

Louisiana 2016 Regular Session

• Introduced: 1/14/16
• Refer: 1/14/16
• Refer: 3/14/16
• Report Pass: 4/14/16
• Engrossed: 4/26/16
• Refer: 4/27/16
• Report Pass: 5/23/16
• Enrolled: 5/31/16
• Chaptered: 6/17/16
• Passed: 6/17/16

Caption

Replaces the chairman of the House Committee on Retirement with a member of the House Committee on Retirement appointed by the speaker of the House of Representatives as trustee on each state and statewide retirement system board (EN NO IMPACT APV)

Impact

By authorizing designated legislative members to serve as voting ex officio members on these boards, the bill is expected to create a stronger connection between the legislature and the administration of public sector retirement systems. The amendments concern the composition and operational governance structures, which could streamline decision-making and facilitate better legislative guidance in matters affecting public sector employees' retirement benefits.

Summary

House Bill 14 aims to amend various sections of Louisiana law concerning the governance of state and statewide retirement systems. Specifically, the bill provides for the replacement of the chairman of the House Committee on Retirement with a member appointed by the Speaker of the House as a trustee on the governing boards of these retirement systems. This change seeks to enhance legislative oversight and involvement in the management of retirement funds, ensuring accountability and alignment of the boards with legislative intent.

Sentiment

The sentiment around HB 14 appears to be generally positive among those who advocate for enhanced legislative engagement in the oversight of retirement systems. Supporters argue that this causes greater transparency and accountability in how retirement funds are managed. Conversely, some individuals express concern that increased legislative involvement may politicize retirement fund management, potentially compromising the independent nature that retirement boards need to function effectively.

Contention

Notable points of contention arise from concerns over the balance of power between the legislature and independent retirement boards. Critics worry that placing legislative appointees on these boards could lead to conflicts of interest and influence decision-making that is typically managed by professionals in the field. This could impact the trust of retirees and current employees in the retirement system.