Grants a permanent benefit increase to system retirees and beneficiaries. (2/3 - CA10s29(F)) (6/30/22) (EN INCREASE APV)
Impact
The legislation is designed to improve the quality of life for retirees within the Louisiana State Police community by increasing their pensions, which can have a significant impact given cost-of-living adjustments and inflation. The increase will be funded from the retirement system's experience account, which accumulates investment gains in excess of certain thresholds, ensuring that the funds are available without compromising the overall financial health of the retirement system. The bill reflects a commitment to support public servants after their service is completed.
Summary
Senate Bill 7 (SB7) aims to provide a permanent benefit increase to retirees and beneficiaries of the Louisiana State Police Retirement System. The bill outlines a two percent increase, contingent upon specific conditions being met, with the maximum benefit increase calculated based on an amount not exceeding sixty-eight thousand three hundred twelve dollars. This measure is intended to enhance the financial benefits available to those who have dedicated their careers to public service and have retired, as well as their beneficiaries.
Sentiment
The sentiment around SB7 appears to be broadly supportive among legislators, as evidenced by the unanimous vote in favor, with 98 yeas and no nays during the final passage . However, some discussions may highlight potential concerns about the sustainability of the retirement system's funding, especially in light of economic uncertainties. Overall, the bill represents a proactive approach to ensuring that state police retirees receive adequate benefits after years of service.
Contention
While there appears to be a consensus on the necessity of supporting retired law enforcement personnel, concerns might center on the funding mechanisms and long-term viability of the retirement system. The stipulations around the benefit increase—such as the conditions regarding the funding levels of the system—could be points of contention, primarily around ensuring there are sufficient funds to cover increased payouts without jeopardizing the pensions of future retirees.
Provides a regular schedule for permanent benefit increases for retirees of the state retirement systems. (2/3 - 10s29(F)) (6/30/12) (OR -$4,700,000,000 APV)
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 a permanent benefit increase paid from the experience account to certain retired members and beneficiaries of the State Police Retirement System (OR +$9,474,040 APV)
Urges and requests the Louisiana Department of Health and other parties to study jointly the language in the Louisiana Code of Criminal Procedure Article 648
Provides relative to the training of members of the judiciary with respect to diminution of sentence and release dates of offenders and the development of training curriculum relative to parole eligibility
Requests that the La. State Law Institute evaluate current terminology and recommend new terminology when referencing persons with disabilities in La. law
Requests the Department of Revenue and the Department of Natural Resources, in consultation with the Legislative Auditor, to take all action necessary to collect oil and gas severance tax and mineral royalties and to establish procedures to verify the accuracy of payments and refunds thereof, all to be monitored by the Legislative Auditor and reported to the legislature. (OR1 SEE FISC NOTE GF RV)