LEGISLATIVE NEWS
PENSION REFORM UPDATES:
Governor Jindal has introduced legislation that will provide for major changes in the retirement plan for rank and file state employees. The legislative bills have been introduced both in the House and Senate. Some key elements in his proposal include the following:
1) Increases employee contributions by 3% (HB 56 & SB 52)
2) Raises the normal retirement age to 67 (HB 53 & SB 51)
3) Increases the Final Average Compensation used for calculating retirement benefits from 3 years to 5 years (HB 55 & SB 47)
4) Eliminates the defined benefit plan and establishes a cash balance plan for new hires as of January 1, 2013 (HB 61 & SB 53)
These proposed changes represent a serious threat to the retirement system, retirees and public employees! The Retired State Employees Association will actively oppose these changes during the upcoming legislative session. We hope that you will join us in expressing your opposition to members of the Louisiana Legislature.
To read LASERS response to the Governor's Pension Reform Plan, please click here.
Please write to your legislators as well as Legislative House and Senate Retirement Committee members to express your opposition to Governor Jindal's pension plan reforms. Please click here for a sample letter. This letter is in "Word" format that you can download and customize. To find your legislator, click here. For House Retirement Committee members, click here. For Senate Retirement Committee members, click here.
LASERS has prepared information to address questions and issues raised in the wake of Governor Jindal's proposed changes to the pension system. To view all LASERS 2012 Legislative Issues Updates, click here.
1) To view the complete three page response from LASERS regarding sustainability of the LASERS retirement system, keeping promises, and the redesign and modernization of the pension plan for new hires, click here.
2) To understand how increasing the retirement age to 67 could affect current members, based on the provisions as described in HB 53 and SB 51 of the 2012 Legislative Session, click here.
3) Member questions and responses from LASERS regarding legislation filed for the 2012 legislative session, click here.
LEGISLATIVE SESSION REPORTS
2012 Legislative Report - The RSEA Board will meet on March 22, 2012 and officially adopt positions on all legislative bills.