Provides for nonrecurring lump-sum supplemental payment to certain eligible retirees and beneficiaries (EN +5,970,000 FC SG EX)
Impact
This law impacts the benefits structure for the families of deceased firefighters, ensuring that children who are minors or who have permanent disabilities can be beneficiaries of retirement benefits. By allowing for these designations, the bill aims to provide a measure of financial security for the designated children, while establishing clear guidelines on how these benefits are to be administered and calculated. The supplemental payment aspect of the bill highlights an effort to provide immediate financial relief to eligible retirees and beneficiaries, demonstrating a commitment to support firefighters and their families.
Summary
House Bill 43 establishes provisions for designated survivor benefits within the Firefighters' Retirement System, specifically relating to surviving eligible spouses and their children. The bill allows surviving eligible spouses to designate children with disabilities or minor children to receive a portion of benefits. The legislation mandates that prior to any payments, the system's actuary must ensure the value of benefits designated does not exceed what would be payable to the surviving eligible spouse. This is intended to provide financial support to families of deceased firefighters while maintaining equity in benefit distribution.
Sentiment
Overall, the sentiment surrounding HB 43 appears to be positive, reflecting awareness and support for the needs of families affected by the loss of firefighters. Supporters likely view the bill as a necessary enhancement to the benefits system that strengthens the financial support provided to families during difficult times. However, sentiments may vary based on considerations about the adequacy of the benefits and the potential implications for the retirement system's sustainability.
Contention
Notable points of contention might arise regarding how the actuarial evaluations are conducted and what constitutes sufficient medical documentation for children with disabilities. There may also be discussions around the overall financial implications of supplementing benefits and the potential burden on the retirement fund. The permanence of designations made by surviving spouses could also be a point of discussion, as it could limit future flexibility in managing benefits.
(Constitutional Amendment) Dedicates a certain amount of state nonrecurring revenue to state retirement systems for supplemental benefit payments (RR GF EX See Note)
Provides a minimum benefit increase for certain retirees, beneficiaries, and survivors of the Teachers' Retirement System of Louisiana, Louisiana State Employees' Retirement System, Louisiana School Employees' Retirement System, and State Police Retirement System. (6/30/21) (2/3 CA10s29(F)) (EN INCREASE APV)