tag:blogger.com,1999:blog-47990460193677240622024-03-13T10:56:16.525-05:00LASERS eBEAMOfficial Blog of the Louisiana State Employees' Retirement SystemMalloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.comBlogger1235125tag:blogger.com,1999:blog-4799046019367724062.post-56199352051010278272016-11-02T13:31:00.002-05:002016-11-02T13:31:45.526-05:00LASERS Recognized Nationally<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The Louisiana State Employees' Retirement System (LASERS) has been presented the 2016 Public Pension Standards Award for plan funding and administration excellence for the thirteenth consecutive year. Awarded by the Public Pension Coordinating Council (PPCC), an alliance of the National Association of State Retirement Administrators, the National Conference on Public Employee Retirement Systems, and the National Council on Teacher Retirement, public employee retirement system recipients are recognized for high professional standards in the areas of plan design and administration, benefits, actuarial valuations, financial reporting, investments, and membership communications.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">LASERS was also recognized in a recent report from the Pew Charitable Trusts, which examined public pension plans' accounting assumptions and payment schedules to see if they were holding up over time. This analysis determined whether or not established contribution policies that are sufficient to pay down pension debt, were actually being followed. The report concluded that the top five plans in the best shape are West Virginia, New York, Indiana, South Dakota, and Louisiana. As noted in <em>Governing</em> magazine, "The Takeaway: This metric gets at the true health of a pension plan better than the annual funding status because it tells us in which direction a pension plan is going."</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">LASERS Executive Director Cindy Rougeou said, "We are proud that our System has once again been recognized by the PPCC for outstanding management among our peers and that the Pew report acknowledged our longevity for generations to come. Both positives on the national level convey to our members and state that LASERS Benefits Louisiana."</span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-14050374623933368712016-08-26T10:26:00.002-05:002016-08-26T10:26:20.899-05:00Louisiana in Top Five of State Pension Plans<div class="body_copy" style="background-color: white;">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white;">This excerpt is taken from </span><em style="background-color: white;">The Week in Public Finance</em><span style="background-color: white;"> in </span><em style="background-color: white;">Governing</em><span style="background-color: white;"> magazine.</span><br style="background-color: white;" /><br style="background-color: white;" /><span style="background-color: white;">By Liz Farmer, August 26, 2016</span><br style="background-color: white;" /><br style="background-color: white;" /><strong style="background-color: white;">Most Pensions Falling Behind</strong><br style="background-color: white;" /><br style="background-color: white;" /><span style="background-color: white;">A new analysis of state public pension plans this week shows that only one in three states are actually on a path to reduce their unfunded liabilities.</span><br style="background-color: white;" /><br style="background-color: white;" /><span style="background-color: white;">The report, </span><a href="http://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2016/08/the-state-pension-funding-gap-2014" style="background-color: white; color: #004488;">by the Pew Charitable Trusts</a><span style="background-color: white;">, used a new metric called net amortization, which essentially measures whether a pension plan's accounting assumptions and payment schedule are holding up over time. Only 15 states are achieving positive amortization, according to Pew. In other words, they're following contribution policies that are sufficient to pay down pension debt. The remaining 35 states are facing negative amortization, or are following contribution policies that allow the funding gap to continue to grow.</span><br style="background-color: white;" /><br style="background-color: white;" /><span style="background-color: white;">Based on the measure, the plans in the worst shape are, in order: Kentucky, New Jersey, Illinois, Pennsylvania and California. The report does note that Pennsylvania has committed to large contribution increases and is projected to reach positive amortization by 2018. </span><strong style="background-color: white;">The top five plans in the best shape are West Virginia, New York, Indiana, South Dakota and Louisiana.</strong><br style="background-color: white;" /><br style="background-color: white;" /><strong style="background-color: white;">The Takeaway</strong><span style="background-color: white;">: This metric gets at the true health of a pension plan better than the annual funding status because it tells us in which direction a pension plan is going. Net amortization supplies the long view, which seems appropriate when talking about a program that's supposed to last for generations.</span><br style="background-color: white;" /><br style="background-color: white;" /><span style="background-color: white;">Case in point: 40 states reported decreased unfunded liabilities in 2014 thanks to stronger-than-expected investment returns. This is great news for the short term, but, according to the report, only a small number met the positive amortization benchmark. "Investment returns vary widely over time," the report said, "and most governments that sponsor pension plans made contributions that were not large enough to reduce debt based on expected long-term rates of return."</span><br style="background-color: white;" /><br style="background-color: white;" /><span style="background-color: white;">The measure helps explain why some plans -- such as Houston's or the state of Alabama's -- haven't made up ground even though governments have paid their full pension bills.</span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-25141562443084804422016-07-14T11:32:00.003-05:002016-07-14T11:32:54.073-05:00Details of Social Security Offset Legislation Postponed<div style="color: #3f3f3f; font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-align: justify;">
The federal House Ways & Means Committee met Wednesday, July 13, but consideration of <strong>H.R. 711</strong>, the "Equal Treatment of Public Servants Act of 2015" was postponed. The proposed legislation would repeal the current Social Security Windfall Elimination Provision (WEP) and put in a proportional formula that calculates benefits using a public servant's actual earnings.</div>
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Rep. Kevin Brady (R-TX) commented that over the past several days, it was evident that public servants were not in agreement over the legislation. Both he and Rep. Richard Neal (D-MA) remarked that the community needed to come together and that a bipartisan solution was necessary to move forward.</div>
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The WEP affects those LASERS retirees who have also worked in the private sector by reducing or eliminating their Social Security benefits. Keep in mind that your LASERS pension is NOT diminished by WEP, only Social Security benefits if applicable.</div>
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<strong>LASERS will continue to distribute information regarding the WEP and relevant legislation, but our knowledge of this federal law is limited.</strong> If you have specific questions on how you may be impacted by WEP, please contact the <a _mce_href="https://www.ssa.gov/" _mce_shape="rect" _mce_style="color: blue; text-decoration: underline;" href="https://www.ssa.gov/" linktype="1" shape="rect" style="color: blue !important;" target="_blank" track="on">Social Security Administration</a> for assistance. You may also <a _mce_href="http://www.rseala.org/" _mce_style="color: blue; text-decoration: underline;" href="http://www.rseala.org/" linktype="1" style="color: blue !important;" target="_blank" track="on">contact RSEA</a>, your advocates in the Louisiana Legislature and National Congress on issues relating to retirement and healthcare.</div>
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<strong>WEP Resources:</strong></div>
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<a _mce_href="http://www.lasersonline.org/uploads/Windfall_Elimination_Provision.pdf" _mce_shape="rect" _mce_style="color: blue; text-decoration: underline;" href="http://www.lasersonline.org/uploads/Windfall_Elimination_Provision.pdf" linktype="1" shape="rect" style="color: blue !important;" target="_blank" track="on">Windfall Elimination Fact Sheet</a></div>
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<a _mce_href="http://www.lasersonline.org/uploads/22MHMedicareSocialSecurityOffsets_bw.pdf" _mce_shape="rect" _mce_style="color: blue; text-decoration: underline;" href="http://www.lasersonline.org/uploads/22MHMedicareSocialSecurityOffsets_bw.pdf" linktype="1" shape="rect" style="color: blue !important;" target="_blank" track="on">Social Security Offsets Chapter in the LASERS Membership Handbook</a></div>
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<a _mce_href="https://www.youtube.com/watch?v=gKhpUumB-rw" _mce_shape="rect" _mce_style="color: blue; text-decoration: underline;" href="https://www.youtube.com/watch?v=gKhpUumB-rw" linktype="1" shape="rect" style="color: blue !important;" target="_blank" track="on">Social Security Offsets Video</a></div>
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<a _mce_href="http://waysandmeans.house.gov/event/markup-health-tax-social-security-legislation/" _mce_shape="rect" _mce_style="color: blue; text-decoration: underline;" href="http://waysandmeans.house.gov/event/markup-health-tax-social-security-legislation/" linktype="1" shape="rect" style="color: blue !important;" target="_blank" track="on">View the Recording of the Ways & Means Committee Meeting</a></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-87447293203274414432016-07-13T10:30:00.000-05:002016-07-13T12:01:28.230-05:00Making Social Security Fair for All<div class="p1">
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://thehill.com/opinion/op-ed/287481-making-social-security-fair-for-all">Original article here.</a></span><br />
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<i><span style="background-color: white; color: #003366; font-family: Helvetica, Arial, sans-serif; line-height: 11px;">By </span><span rel="sioc:has_creator" style="background-color: white; color: #003366; font-family: Helvetica, Arial, sans-serif; line-height: 11px;">Reps. Kevin Brady (R-Texas) and Richard Neal (D-Mass.)</span></i><br />
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<i><span rel="sioc:has_creator" style="background-color: white; color: #003366; font-family: Helvetica, Arial, sans-serif; line-height: 11px;">July 12, 2016</span></i></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">Social Security is an important program that has been serving our seniors and individuals with disabilities for decades. Unfortunately, the program is not without its flaws. Today many Americans — specifically teachers, firefighters, police officers and other public servants who have paid into public pensions and Social Security — are not being treated fairly when it comes to Social Security. </span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">It’s because of a well-intended but arbitrary policy known as the Windfall Elimination Provision, or WEP. Congress established the WEP in the last major overhaul of Social Security to ensure hardworking Americans who have paid into Social Security throughout their careers receive the benefits they deserve.</span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">However, the provision’s one-size-fits-all approach to calculating benefits has unintended consequences for Americans who have worked public sector and private sector jobs. The WEP arbitrarily reduces benefits by using a special formula for public servants who spent years working in Social Security-covered jobs and non-covered jobs.</span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">Our firefighters, teachers and police officers deserve better. That’s why we’re working together on the Equal Treatment of Public Servants Act of 2015, legislation to repeal the WEP and replace it with a formula that calculates Social Security benefits for our firefighters, police officers, teachers and other public servants just like all other workers. The bill does exactly what the name suggests: treats all workers fairly. </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="s1">We propose looking at all lifetime earnings and using a prop</span>ortional formula to calculate Social Security benefits. In other words, two workers with the same lifetime earnings — one who has spent an entire career in Social Security-covered employment and another who has worked in both covered and non-covered work — will receive a Social Security benefit that is calculated the same way. Instead of arbitrarily reducing benefits, if a public servant only spent half of her career paying into Social Security, she will receive 50 percent of her Social Security benefit — just like someone who spent an entire career paying into Social Security receives 100 percent of his benefit. </span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">By replacing the WEP, it will also become easier for Americans to plan for retirement. Workers receive a Social Security statement to help plan for retirement, but right now, when a teacher, firefighter or police officer receives his Social Security statement, it’s wrong. It tells him what his benefit would be before the WEP is applied. Our bill will help ensure Social Security statements are accurate for public servants.</span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">It’s not enough to fix the WEP for future retirees; we have to help public servants who are already affected. Our legislation will provide relief for current Social Security beneficiaries subjected to the WEP by providing a restoration of benefits payment each year. </span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">It’s been 12 years since the first version of the Equal Treatment of Public Servants Act was introduced, but our public servants have been calling on Congress to fix the WEP since it was put into place more than three decades ago. That means, for more than 30 years, our public servants have sat waiting to receive the benefits they deserve and that we know Washington can deliver. That’s far too long.</span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">This commonsense solution has been embraced by our colleagues on both sides of the aisle — including President Obama, who included the proportional approach in his fiscal 2017 budget. The bipartisan Social Security Advisory Board called for the proportional approach, and the Bipartisan Policy Center included it in its recent Retirement Security Commission recommendations. Our legislation enjoys broad support, from the Texas Retired Teachers Association, Association of Texas Professional Educators, Mass Retirees and AARP. </span></span></div>
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<span class="s1"><span style="font-family: "arial" , "helvetica" , sans-serif;">We can’t ignore the problem any longer. As one of our witnesses so eloquently said at one of our hearings on this bill, “justice delayed is justice denied.” Let’s fix the WEP in order to better serve our teachers, firefighters and police officers. Now is the time to ensure these men and women who dedicated their lives to us receive the retirement benefits they deserve.</span></span></div>
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<span class="s1"><i>Brady has served Texas’s 8th District since 1997 and is chairman of the House Ways and Means Committee. Neal has served the state of Massachusetts in the House since 1989 and is a member of the House Ways and Means Committee.</i></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-4764844931147524712016-06-30T09:55:00.003-05:002016-06-30T09:56:53.406-05:00Retirement is NOT an Overnight Process<table border="0" cellpadding="0" cellspacing="0" id="content_LETTER.BLOCK2" style="background-color: white; color: black; width: 100%px;"><tbody>
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<span style="font-size: 11pt;">The preparations leading up to retirement involve teamwork ... and that team includes YOU, your agency, and LASERS. An important element in the retirement process is time, so planning is critical. <strong>Retiring in a day or two is nearly impossible and definitely not recommended.</strong> Optimally, you should start the process a minimum of 12 months away from your target retirement date.</span></div>
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<span style="font-size: 11pt;">Check out these helpful LASERS resources on our <a href="http://www.lasersonline.org/"><span style="color: blue;">website</span></a><span style="color: #3f3f3f;">:</span></span></div>
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<a alt="http://www.lasersonline.org/uploads/LagniappeGuideToRetirement_WEB.pdf" class="imgCaptionAnchor" href="http://www.lasersonline.org/uploads/LagniappeGuideToRetirement_WEB.pdf" shape="rect" target="_blank" track="on"><img border="0" height="105" hspace="0" name="ACCOUNT.IMAGE.219" src="https://mlsvc01-prod.s3.amazonaws.com/e263f915201/bdbda7c3-dca4-45d6-aa4a-f94d7a61fc20.jpg" style="display: block; height: auto !important;" vspace="0" width="82" /></a></div>
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<a alt="http://www.lasersonline.org/uploads/LagniappeGuideToRetirement_WEB.pdf" href="http://www.lasersonline.org/uploads/LagniappeGuideToRetirement_WEB.pdf" linktype="1" shape="rect" style="color: #548665; font-family: "Trebuchet MS", Verdana, Helvetica, sans-serif; font-size: 16pt; text-decoration: none;" target="_blank" track="on"><b>Lagniappe Guide to Retirement </b></a></div>
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Valuable information for active members including a 12-month guide to use as you approach retirement (page 20).</div>
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<span style="color: #548665; font-family: "trebuchet ms" , "verdana" , "helvetica" , sans-serif; font-size: 21.3333px;"><a alt="https://www.youtube.com/watch?v=BEeWkdyeJkk" href="https://www.youtube.com/watch?v=BEeWkdyeJkk" linktype="1" shape="rect" style="color: #548665; text-decoration: none;" target="_blank" track="on"><b>Countdown to Retirement Video</b></a></span></div>
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View LASERS 5-minute video as we share the essential steps in counting down to retirement.</div>
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<a alt="http://www.lasersonline.org/site135.php" class="imgCaptionAnchor" href="http://www.lasersonline.org/site135.php" shape="rect" target="_blank" track="on"><img border="0" height="106" hspace="0" name="ACCOUNT.IMAGE.220" src="https://mlsvc01-prod.s3.amazonaws.com/e263f915201/6c09b557-e1a8-4b55-a080-d4d2fb601a20.jpg" style="display: block; height: auto !important;" vspace="0" width="82" /></a></div>
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<span style="color: #548665; font-family: "trebuchet ms" , "verdana" , "helvetica" , sans-serif; font-size: 21.3333px;"><a alt="http://www.lasersonline.org/site135.php" href="http://www.lasersonline.org/site135.php" linktype="1" shape="rect" style="color: #548665; text-decoration: none;" target="_blank" track="on"><b>Membership Handbook</b></a></span></div>
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Includes details defining all categories of our plans and answers to many questions you might have about planning for and enjoying your retirement.</div>
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<a alt="https://seminar.lasers.state.la.us/Registration.aspx?id=3" class="imgCaptionAnchor" href="https://seminar.lasers.state.la.us/Registration.aspx?id=3" shape="rect" target="_blank" track="on"><img border="0" height="82" hspace="0" name="ACCOUNT.IMAGE.222" src="https://mlsvc01-prod.s3.amazonaws.com/e263f915201/de8b12a9-0a47-4dda-817f-4c1347d8f502.png" style="display: block; height: auto !important;" vspace="0" width="82" /></a></div>
</td><td align="center" class="SpacerImageContainer mobile-hidden" colspan="1" height="1" rowspan="1" style="height: 1px; line-height: 1px; padding-bottom: 10px; padding-right: 15px;" valign="top" width="5"><img border="0" class="SpacerImage" height="1" hspace="0" src="https://static.ctctcdn.com/letters/images/sys/S.gif" vspace="0" width="5" /></td></tr>
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<span style="color: #548665; font-family: "trebuchet ms" , "verdana" , "helvetica" , sans-serif; font-size: 21.3333px;"><a alt="https://seminar.lasers.state.la.us/Registration.aspx?id=3" href="https://seminar.lasers.state.la.us/Registration.aspx?id=3" linktype="1" shape="rect" style="color: #548665; text-decoration: none;" target="_blank" track="on"><b>Pre-Retirement Education Program (PREP) Workshop</b></a></span></div>
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<span style="font-size: 12pt;">Attend a PREP workshop and hear from the LASERS staff on how to be prepared.</span></div>
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<b>The key to a smooth retirement process is to plan early!</b><br />
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If you have questions, schedule an appointment or speak to a Retirement Benefits Analyst at 225.922.0600 (Baton Rouge) or 800.256.3000 (Toll-Free).</div>
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Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-35509352660715751432016-06-29T09:28:00.000-05:002016-06-29T09:28:02.793-05:00Get Answers in LASERS New Video<div align="center" style="background-color: white; font-family: "Lucida Sans Unicode", "Lucida Grande", sans-serif; font-size: 16pt; font-weight: bold; text-align: center;">
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<a alt="https://www.youtube.com/watch?v=oNO9XkcN2jM" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://r20.rs6.net/tn.jsp?f%3D001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOx7N-bgL9HuH8Ae1EBsBtNTU59MvwUyOEDdg9EpDHjTSkVdQzo7CyrSksJJzXK2SgLGXanF92MfeH9ETy2bxETWJOXYE_6yAApoFGaSsECobPl2FzDB6u4cb5eotvYYo7tzFRhouFPaJMmmCJgUnqzNk%3D%26c%3D70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg%3D%3D%26ch%3Do1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw%3D%3D&source=gmail&ust=1467296408001000&usg=AFQjCNFmF_WYyTS0PT53_50ypXsiH7_-jA" href="http://r20.rs6.net/tn.jsp?f=001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOx7N-bgL9HuH8Ae1EBsBtNTU59MvwUyOEDdg9EpDHjTSkVdQzo7CyrSksJJzXK2SgLGXanF92MfeH9ETy2bxETWJOXYE_6yAApoFGaSsECobPl2FzDB6u4cb5eotvYYo7tzFRhouFPaJMmmCJgUnqzNk=&c=70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg==&ch=o1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw==" shape="rect" style="color: #1155cc;" target="_blank"><img border="0" class="CToWUd" height="173" hspace="0" name="m_8996855307632570276_ACCOUNT.IMAGE.224" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEh6TgI2JzLZN1m0IOVcHp6SjB6hrOtcTgUUUN8KbkwfD0q4homRwnmzStPNjDJFnG6dwK0y3JFCx0Ec211i7aznFDjHZ06015Ww2g4nHPxt4yQeDp0w_X1P869KFjYpqoaHUIhfwt5W2X5WaOG4L3IubqCK3kHOYCZ3zw8gqZyNTcUj1irKrGH7-PE4QSE=s0-d-e1-ft" vspace="0" width="327" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif; text-align: justify;"><div align="center" style="text-align: center;">
<span style="text-decoration: underline;"><a alt="https://www.youtube.com/watch?v=oNO9XkcN2jM" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://r20.rs6.net/tn.jsp?f%3D001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOx7N-bgL9HuH8Ae1EBsBtNTU59MvwUyOEDdg9EpDHjTSkVdQzo7CyrSksJJzXK2SgLGXanF92MfeH9ETy2bxETWJOXYE_6yAApoFGaSsECobPl2FzDB6u4cb5eotvYYo7tzFRhouFPaJMmmCJgUnqzNk%3D%26c%3D70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg%3D%3D%26ch%3Do1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw%3D%3D&source=gmail&ust=1467296408001000&usg=AFQjCNFmF_WYyTS0PT53_50ypXsiH7_-jA" href="http://r20.rs6.net/tn.jsp?f=001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOx7N-bgL9HuH8Ae1EBsBtNTU59MvwUyOEDdg9EpDHjTSkVdQzo7CyrSksJJzXK2SgLGXanF92MfeH9ETy2bxETWJOXYE_6yAApoFGaSsECobPl2FzDB6u4cb5eotvYYo7tzFRhouFPaJMmmCJgUnqzNk=&c=70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg==&ch=o1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw==" shape="rect" target="_blank"><span style="color: blue;">Click here to view the video.</span></a></span></div>
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<strong>With more than 20 LASERS retirement plans, how do you find your plan? And once you find it, how do you know when you are eligible for retirement? </strong></div>
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To find answers to these questions and much more, view our latest video,<em>What is Your Retirement Plan and Retirement Eligibility?</em> The video is formatted for closed captioning and is available on the LASERS YouTube channel and LEO. </div>
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Please be aware that access may be denied to YouTube at your workplace because of filters put in place by your agency. LASERS has placed some educational videos on LEO in the event you are unable to view YouTube. <a alt="http://www.lasersonline.org/site367.php" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://r20.rs6.net/tn.jsp?f%3D001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOxxS6Qd8fw9ZDgb144d0OKtp-WNCzsIKBVqDqSca7bxsDTp3q41oE-C2UabZRT7NFIXm7r12Wiok2zXAfgjrm-J78hxrM3BZ9i8poMHVX9mz-nEHLQF48t9mAFpyujwMtCBZXbat2X7H4%26c%3D70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg%3D%3D%26ch%3Do1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw%3D%3D&source=gmail&ust=1467296408001000&usg=AFQjCNGAGys9mH5ujcBen80hkU1C7kTy4Q" href="http://r20.rs6.net/tn.jsp?f=001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOxxS6Qd8fw9ZDgb144d0OKtp-WNCzsIKBVqDqSca7bxsDTp3q41oE-C2UabZRT7NFIXm7r12Wiok2zXAfgjrm-J78hxrM3BZ9i8poMHVX9mz-nEHLQF48t9mAFpyujwMtCBZXbat2X7H4&c=70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg==&ch=o1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw==" shape="rect" style="color: blue;" target="_blank">Follow these instructions for the LEO Portal.</a></div>
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If you wish to be notified each time LASERS uploads a new video, we encourage you to subscribe to our channel by clicking the <strong>"subscribe"</strong>button located on the<span style="color: #666666;"> </span><a alt="https://www.youtube.com/user/LASERSchannel" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://r20.rs6.net/tn.jsp?f%3D001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOx7N-bgL9HuH8CicVKAkyp60nOphDWhh1mfuG3iIzntWL6__LlApEJU7Z7wHJcuC-lmNYb-JBVmwHDbuMN5YDPhVCfB-RreLYRa4n7lTDTmpKci_RPxRKpLnc-ydBLy_735ZplorkHaYR7D6bQKSbZbk%3D%26c%3D70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg%3D%3D%26ch%3Do1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw%3D%3D&source=gmail&ust=1467296408001000&usg=AFQjCNHpXPsYA2-N_mx_kWhmBf_tFXmCEw" href="http://r20.rs6.net/tn.jsp?f=001yUMU2GdkkKPlY5MPaZmwYi6X0oyGrYt9sJmsuWBRuWGSB4F7uIeOx7N-bgL9HuH8CicVKAkyp60nOphDWhh1mfuG3iIzntWL6__LlApEJU7Z7wHJcuC-lmNYb-JBVmwHDbuMN5YDPhVCfB-RreLYRa4n7lTDTmpKci_RPxRKpLnc-ydBLy_735ZplorkHaYR7D6bQKSbZbk=&c=70AMeQ_dWFRZPjASLaKwEXkF4lX8GLCn5aUHXGzabi0FaMLAsogpgg==&ch=o1lfEsWFXCz90UoGilFbzzE9BBvrpJwu4DkkBBkeTqORA00nIopvrw==" shape="rect" style="color: blue;" target="_blank">LASERS YouTube channel</a><span style="color: #666666;">. </span></div>
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Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-79871118026317819552016-06-14T14:17:00.001-05:002016-06-14T14:17:30.772-05:00Retirement Reforms Subject of New NASRA Report<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">A new report, <i>Significant Reforms to State Retirement Systems</i>, prepared by the National Association of State Retirement Administrators (NASRA), is a comprehensive review and compilation of public pension reforms since the Great Recession and global financial crisis. The report covers the period from 2009 to 2014 and marks the greatest period of change in the history of public pensions.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The research reveals that nearly every state reduced benefits, increased contributions, or both. Most did so while retaining the traditional pension plan. The majority of the reforms transferred a higher share of the risk associated with providing retirement benefits from the state or local government to its employees.</span></span></div>
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<span class="s2"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://files.ctctcdn.com/701ae45c001/13452735-b0da-403b-9aca-c983380daf1c.pdf">You can access the complete report <span class="s3">here</span></a>. For details about LASERS reforms, see page 32.</span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-38745078376291261152016-06-13T10:11:00.003-05:002016-06-13T10:11:35.310-05:00Letters: Optimism is alive in the form of Louisiana’s pension reform<div style="background-color: white; box-sizing: border-box; color: #333333; font-size: 16px; line-height: 25.6px; margin-bottom: 10px;">
<span style="font-family: Arial, Helvetica, sans-serif;">In a guest column published June 7, Adam Crepelle calls for pension reform seemingly unaware that Louisiana has been a frontrunner across the country in reforming its public retirement systems. For almost 30 years, state legislators and the state retirement systems have partnered together on pension legislation that provides modest, reliable pensions for dedicated public servants at a sustainable cost.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In Louisiana, we’re so used to hearing bad news about our home. But, here’s some good news that we should all be aware of. To date, pension reforms associated with the state’s two largest retirement systems — Teachers’ Retirement System of Louisiana and the Louisiana State Employees’ Retirement System — have a projected $8 billion cost savings to the state. In fact, since Fiscal Year 2010, an additional $1.4 billion has been paid toward the debt as a result of these reforms. And, Louisiana, thanks to responsible pension reform, will be able to pay off long-term retirement liabilities before their required payoff date and provide economic relief to the employers of system members.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Just last year, the legislative actuary acknowledged this good news in a report that found TRSL and LASERS are positioned well to continue providing defined benefits far into the future. And recently, an Atlanta-based independent actuary said that the financial position of both TRSL and LASERS has improved faster than other systems in the country.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">So, these reforms are working, and it’s important that we continue to allow them to work.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Switching to a different type of retirement plan, as Mr. Crepelle proposes, will not free Louisiana from its existing debt payments, but it will add uncertainty to the retirement security of many retirees who cannot participate in Social Security — as most private sector workers do.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Furthermore, the state has rigorous requirements in place that must be met before any COLA can be granted. First and foremost, the systems must have enough money to pay for the COLAs. And, by law, payment on retirement debt must be made before any money can be placed into accounts created to hold funds for COLA payments. On average, the COLAs granted this year will be enough to buy one tank of gas.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Louisiana has a solid track record of taking bold and important steps over the past 30 years to ensure the sustainability of its pension systems. We commend legislators, past and present, for the work that they have done, and look forward to continuing to work together to provide viable retirement systems that impact more than 332,000 lives as well as countless local economies across this state.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Maureen H. Westgard</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">TRSL director</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Baton Rouge</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Cindy Rougeou</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">LASERS executive director</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Baton Rouge</span></div>
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<a href="http://theadvocate.com/news/opinion/16056234-176/good-news-exists-in-the-form-of-louisianas-pension-reform#comments"><span style="font-family: Arial, Helvetica, sans-serif;">Original article here.</span></a></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-41276062927285138952016-05-20T13:07:00.002-05:002016-05-20T13:07:45.392-05:00State retirees to see bump in pension checks with Governor Edwards' COLA approval<div class="p1" style="text-align: justify;">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><i>Mark Ballard</i></span></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i>The Advocate</i></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">A lot of retired teachers, troopers, school workers and state government employees will start seeing slightly bigger monthly pension checks starting July 1.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Gov. John Bel Edwards on Thursday signed into law a cost-of-living adjustment for nearly 125,000 pensioners who are over the age of 60 and have been retired at least a year. Most live in the Baton Rouge and New Orleans areas. It’s the first increase in two years.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s2"><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=1003589">Senate Bill 2</a></span><span class="s1">, now called Act 93, distributes the cost-of-living adjustments, called COLAs, based on calculations that rely on the funding levels of the individual retirement systems.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Members of the Louisiana State Employees’ Retirement System are in line for a 1.5 percent increase on the first $60,000 of their benefits. Teachers Retirement System of Louisiana members will receive a 1.5 percent hike.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Louisiana School Employees’ Retirement System members get a 2 percent raise as do those with the Louisiana State Police Retirement System. A number of State Police retirees over the age of 65 also are eligible for another 2 percent increase.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The average monthly increase would be about $30 but could vary widely based on the circumstances of individual retirees.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The average retired teacher receives about $2,149 per month in benefits, so the average COLA increase would be $29.50. The average retired state worker’s pension is $24,660 annually. At 1.5 percent, the average increase per month would be about $27.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Senate Bill 2 was sponsored by Senate Retirement Committee Chairman Barrow Peacock, R-Shreveport.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Out of a half-dozen votes in committees and in both chambers, the legislation granting retirees a COLA received only one no vote. Central Rep. Barry Ivey, a Republican, opposed the measure in the House Retirement Committee as a gesture to remind his colleagues of the size of the debt being carried by the four retirement systems — $20 billion created partly because state government gave out COLAs in the past without setting aside enough money to pay for them.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The state constitution requires pensions be paid first, so if the systems go broke, taxpayers will be paying retirement benefits before buying books for public schools or repairing roads, he said.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Point made, Ivey voted for the COLA on the House floor.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">COLAs ultimately will cost about $385 million. But that money doesn’t come from the state budget, which pays the costs of government agencies and currently has a $600 million deficit.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The money comes out of a fund called the “Experience Account” that collects excess investment dollars. That money can’t legally be used to pay anything but COLAs, though part of it goes to paying down the $20 billion debt of the retirement systems.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Retirement costs state government about $2 billion a year, but is not a line item in the $25 billion budget. Rather, each agency pays its portion out of its appropriation.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Another cost-of-living adjustment would not be available until the fund, called the Experience Account, is refilled.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Peacock linked the raise with two other bills that changed how the retirement systems operate.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Senate Bill 5 would require the retirement systems to timely pay administrative costs rather than roll those charges into the 30-year debt. Senate Bill 18 would reduce the amortization period — paying off debt on a fixed schedule — from 30 years to 20 years.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Edwards signed both of those measures on Thursday, too.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://theadvocate.com/news/15843070-154/state-retirees-to-see-bump-in-pension-checks-with-governor-edwards-cola-approval">Original article here.</a></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-28237464821211117852016-05-12T15:18:00.001-05:002016-05-12T15:18:07.231-05:00Pension increase for retired state workers, teachers passes<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;"><i>Mark Ballard</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;"><i>The Advocate</i></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Retired state workers can plan on seeing a little bit more in
their monthly pension checks as the state Senate, as expected, approved minor
changes in two of the three bills that allow for a cost of living adjustment.</span><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Senate Bills 2, 5 and 18 were
approved with little discussion Wednesday and now head to Gov. John Bel
Edwards, who is expected to sign the measures.</span><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Nearly 125,000 retirees, who
are over the age of 60 and have been retired for a year, will receive a modest
boost on the first $60,000 of benefits. Most of the state’s retirees live in
Baton Rouge and New Orleans areas.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The percentages are based on
how well-funded each of the state systems are.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Retired state workers and
retired public school teachers would receive a 1.5 percent increase; retired
school workers would get 2 percent; and retired State Police troopers and staff
would receive at least 2 percent.</span><o:p></o:p></span></div>
<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The average monthly increase would be about $30, but the exact
amounts could vary widely depending the circumstances of individual retirees.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">It’s been two years since
some of the state pensioners received a cost of living adjustment, called a
COLA. That bump came with passage of a law aimed at tackling a $20 billion debt
the four state retirement systems have incurred over the years of granting COLAs
and of legislators not putting enough money into the systems to cover the
promises made to state employees.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Act 399 set triggers for when
cost of living allowances could be given. The check-offs include waiting every
other year, ensuring enough money was in an account that collects excess
earning on investments, and the systems hit a predetermined level of funding.
Another criterion is whether there was inflation in the previous year. There
wasn’t. But proponents argued that was because the price of energy fell so
dramatically and threw calculation off. But the prices consumers paid for
health care and groceries rose.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">And the funds where excess
earnings are parked — and from which COLAs will be paid — are full and cannot
be used for other state government expenses. The COLAs granted in the
legislation will cost $385 million.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The cost would not come from
the state budget, which is $600 million in the red.</span><o:p></o:p></span></div>
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<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Senate Retirement Committee
Chairman Barrow Peacock, R-Shreveport, sponsored the three bills. Senate Bill 2
awards the COLAs. Senate Bill 5 would require the retirement systems to timely
pay administrative costs rather than roll those charges into the 30-year debt.
Senate Bill 18 would reduce the amortization period — paying off debt on a
fixed schedule — from 30 years to 20 years.</span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://theadvocate.com/news/15762575-32/pension-increase-for-retired-state-workers-teachers-passes">Original article here.</a></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-92173958527464353472016-05-11T14:41:00.004-05:002016-05-11T14:41:57.037-05:00A plan to boost monthly pension checks for retired state employees, public school workers and teachers is headed to the governor's desk<div class="MsoNormal" style="line-height: 15.75pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i><span style="font-size: 10.5pt;">THE
ASSOCIATED PRESS<br />
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<span style="font-size: 10.5pt;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;">BATON ROUGE, Louisiana — A plan to boost monthly pension checks
for retired state employees, public school workers and teachers is headed to
the governor's desk.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;">The
cost-of-living increase is part of a package of bills by Shreveport Sen. Barrow
Peacock, chairman of the Senate Retirement Committee.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;">The
pension hike is tied to adjustments in how the retirement systems pay for
raises and administrative costs, aimed at lessening long-term debts.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">All
three bills won final legislative passage this week.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;">Nearly
125,000 retirees over the age of 60 will see increases, ranging from 1.5
percent for retired state workers and teachers to as much as 4 percent for
retired state troopers. The average monthly increase will be about $30.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;">The
increases are estimated to cost $383 million.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<div style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;">Senate
Bills 2, 5 and 18:<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/" target="_blank"><span style="color: black;">http://www.legis.la.gov</span></a></span><o:p></o:p></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-44932828961633989582016-05-11T10:21:00.001-05:002016-05-11T10:21:20.095-05:00Benefits bump for Louisiana state retirees gets closer to Gov. John Bel Edwards' desk<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><i>Mark Ballard</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><i>The Advocate</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Retired state workers are a step away from receiving
cost-of-living increases after the Louisiana House approved Monday a benefits
bump bill and two other linked measures that tweak the state retirement
systems.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Two of the bills have minor
amendments whose wording needs to be approved by the state Senate, but that
consent is expected. The measures then would go to Gov. John Bel Edwards, who
is expected to sign them into law.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The cost-of-living
adjustments, called COLAs, would increase the monthly benefits checks of
124,741 pensioners over the age of 60, who have been retired for at least a
year. Most live in the Baton Rouge and New Orleans areas.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Based on calculation of how
well funded each of the state systems are, retired state workers and retired
public school teachers would receive a 1.5 percent increase; retired school
workers would get 2 percent; and retired State Police troopers and staff would
receive at least 2 percent.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The average monthly increase
would be about $30 but could vary based on the circumstances of individual
retirees.<o:p></o:p></span></span></div>
<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">State Sen. Barrow Peacock, R-Shreveport, chairman of the Senate
Retirement committee, had linked the benefits increase to passage of two other
measures that alter the way the state retirement systems operate.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">In quick succession, the
House approved<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=998842" id="N0x23c0fe0N0x235ed20:N0x23c0fe0N0x23473c8" target="_blank"><span style="color: #ce171e;">Senate
Bill 2</span></a>, which awards retirees COLAs;<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=987681" id="N0x23c0fe0N0x235ef00:N0x23c0fe0N0x2347530" target="_blank"><span style="color: #ce171e;">Senate
Bill 5</span></a>, which would require the retirement systems to timely pay
administrative costs rather than roll those charges into the 30-year debt; and<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=992507" id="N0x23c0fe0N0x235ef60:N0x23c0fe0N0x23475c0" target="_blank"><span style="color: #ce171e;">Senate
Bill 18</span></a>, which would reduce the amortization period — paying off
debt on a fixed schedule — from 30 years to 20 years.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">In the dozen votes held in
committees and before the full House and full Senate, only one lawmaker cast a
no vote. That was Rep. Barry Ivey, R-Central, in committee and he said he did
so to make a point about the size of the state systems’ debt, which is about
$20 billion. The money for the COLAs comes from an account where excess
investment earnings were deposited and the $385 million ultimate cost would not
come from the state budget, which is $600 million in the red.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">House Retirement Committee
Chairman Kevin Pearson, R-Slidell, said the three measures were the product of
much negotiation and would provide needed improvements in the retirement
systems as well as a needed boost for retirees who have seen their spending
abilities decrease with rising costs of health care and groceries.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Democratic Rep. Sam Jones, of
Franklin, sponsored another COLA measure — House Bill 32 — but it was not
linked to any other legislation. His straight-up increase-the-benefit bill
passed the House without a single objection and also is awaiting action in the
Senate.<o:p></o:p></span></span></div>
<br />
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">As representative last year,
Edwards had voted on the COLA that was vetoed by then-Gov. Bobby Jindal. As
governor, Edwards asked Jones, his House floor leader, to sponsor legislation
that would increase monthly benefits payments to retirees.</span><span style="font-family: Georgia, serif;"><o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://theadvocate.com/news/legislature/15740069-123/benefits-bump-for-louisiana-state-retirees-gets-closer-to-gov-john-bel-edwards-desk">Original article here.</a></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com1tag:blogger.com,1999:blog-4799046019367724062.post-2765929685028762342016-05-06T11:21:00.004-05:002016-05-06T11:21:40.206-05:00House Bills Voluntarily Deferred <div style="background-color: white; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 12.8px; font-weight: bold; text-align: center;">
<br /></div>
<div style="background-color: white;">
<div style="text-align: justify;">
<div>
<div style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt; text-align: left;">
<strong>The House Retirement Committee </strong>met yesterday to consider five bills sponsored by Rep. Barry Ivey which would have an impact on LASERS if passed.</div>
<div style="text-align: left;">
<span style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;"><br /></span></div>
<div style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt; text-align: left;">
The following bills were opposed by the LASERS Board:</div>
<ul style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt;">
<li style="margin-left: 15px; text-align: left;"><strong>HB 52 </strong>in its original form would have added four new members to the Public Retirement Systems' Actuarial Committee (PRSAC). Before discussing the bill, the author amended it to only add two members. After lengthy discussion about the role of PRSAC, the motion to report the bill favorably failed by a vote of 3 to 6. The author then voluntarily deferred the measure.</li>
</ul>
<ul style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt;">
<li style="margin-left: 15px; text-align: left;"><strong>HB 1092 </strong>would have required state retirement systems to use a uniform inflation assumption adopted by PRSAC in their annual actuarial valuations. Three actuaries representing the various state and statewide retirement systems explained the complicated process of setting the many assumptions used by the systems. The author voluntarily deferred the bill.</li>
</ul>
<ul style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt;">
<li style="margin-left: 15px; text-align: left;"><strong>HB 48</strong> would have added five citizen members to the LASERS Board of Trustees. The author voluntarily deferred this bill without discussion.</li>
</ul>
<ul style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt;">
<li style="margin-left: 15px; text-align: left;"><strong>HB 917 </strong>would have removed the authority of the Board of Trustees to invest system assets, establish asset allocations, and set actuarial assumed rates of return. It would have created a Consolidated State Investment Committee. This bill was also voluntarily deferred without discussion.</li>
</ul>
<div style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt; text-align: left;">
<strong>HB 62 </strong>would have set a minimum employer contribution rate and created a funding deposit account for each state retirement system. <strong>The LASERS Board</strong> was neutral on this bill. The author indicated his intention to present this bill at a future meeting.</div>
</div>
</div>
</div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-7482013661176056182016-05-03T10:12:00.000-05:002016-05-03T10:12:33.210-05:00House Retirement Committee to Meet<div style="background-color: white; color: #003676; text-align: justify;">
<div>
<div style="font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt;">
<div>
<span style="font-size: 11pt;"><div>
<span style="font-size: 11pt;"><div>
<strong>The House Retirement Committee is scheduled to meet Thursday, May 5, 2016 at 9:00 a.m. </strong>There are currently five bills on the agenda, sponsored by Rep. Ivey, which would impact LASERS if passed.</div>
<ul>
<li><strong>HB 48</strong>, would add five members to the LASERS Board of Trustees. The members and their immediate families shall not be active or retired members of the System. Two members shall be appointed by Speaker of the House, two by the President of the Senate and one by the Legislative Auditor. The only qualification for the new members is that they shall have filed state income tax returns for the previous five consecutive years.<strong><span style="font-size: 11pt;"><br /><br />The LASERS Board</span><span style="font-size: 11pt;"> </span></strong><span style="font-size: 11pt;">opposes this bill since it would interfere with the composition of the Board without corresponding benefit. In addition to active and retired LASERS members, there are currently four ex-officio members of the Board; the Chairs of the Senate and House Retirement Committees, the State Treasurer, and the Commissioner of Administration. Additionally, all members of the Board are tasked with fiduciary duty that requires them to act solely in the best interest of the members.</span></li>
</ul>
<ul>
<li><strong>HB 52 </strong>would add four members to the Public Retirement Systems Actuarial Committee (PRSAC) - the Chairman of the House Committee on Retirement, or his designee; and an additional member appointed by that Chairman; and the Chairman of the Senate Committee on Retirement, or his designee; and an additional member appointed by that Chairman.<br /><br /><span style="font-size: 11pt;"><strong>The LASERS Board </strong></span><span style="font-size: 11pt;">opposes this bill because it would change the nature of PRSAC from an actuarial committee to a policy committee.</span></li>
</ul>
<ul>
<li><strong>HB 62 </strong>would set a minimum employer contribution rate of 20 percent if the System is less than 100 percent funded or if the System reaches 100 percent funded status and the funded ratio later drops below 90 percent, and creates a funding deposit account. <strong>The LASERS Board</strong> is neutral on this bill.</li>
</ul>
<ul>
<li><strong>HB 917 </strong>would remove the authority of the Board of Trustees to invest system assets, establish asset allocations, and set actuarial assumed rates of return. It would create the Consolidated State Investment Committee to make investment decisions for all state retirement systems. <strong>The LASERS Board</strong> is opposed to this bill due to constitutional reasons.</li>
</ul>
<ul>
<li><strong>HB 1092 </strong>would require state retirement systems to use a uniform inflation assumption adopted by PRSAC in their annual actuarial valuations. <strong>The LASERS Board</strong> is opposed to this bill due to constitutional reasons.</li>
</ul>
</span></div>
</span></div>
</div>
</div>
</div>
<div style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 11pt; text-align: justify;">
<span style="font-size: 11pt;"><em>Please note that meeting schedules and agendas are subject to change. Check the LASERS website daily for updates and for detailed information about proposed retirement legislation that may impact LASERS if passed.</em></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-27318774720602744272016-05-02T12:16:00.001-05:002016-05-02T12:16:19.362-05:00House committee approves Senate COLA bills<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><i><span style="font-family: Arial, Helvetica, sans-serif;">Jim Beam</span></i></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><i><span style="font-family: Arial, Helvetica, sans-serif;">American Press</span></i></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Three Senate bills tied together with a
cost-of-living increase for members of four state retirement systems were
approved Thursday by the House Retirement Committee.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Sen. Barrow Peacock, R-Bossier City, is sponsor of Senate Bills 2,
5 and 18. All three were approved unanimously by the full Senate and move to
the full House.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Rep. Sam Jones, D-Franklin, has House Bill 32, which is similar to
Peacock’s. However, his isn’t linked to the other two measures.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The House approved Jones’ bill
unanimously, and it is awaiting action in the Senate Retirement Committee.</span></span><span style="color: #303030;"><o:p></o:p></span></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The four systems in both bills are the Louisiana State Employees’ Retirement
System, or LASERS; the Teachers’ Retirement System of Louisiana; the Louisiana
School Employees’ Retirement System; and the State Police Retirement System.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The increase would only be paid on the first $60,000 of a retiree
or beneficiary’s benefit. The maximum amount would be 1.5 percent of the
benefit for LASERS and the TRSL and 2 percent for LSERS and the SPRS.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The two COLA bills override current law for one year and provide a
larger increase than what recipients would have otherwise received on July 1.
Under current law, retirees on July 1 would have received only a 0.124 percent
COLA.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The increase is linked to passage of S.B. 5, which would require
the retirement systems to timely pay administrative costs rather than rolling
them over. S.B. 18 would reduce the time for paying off retirement debt from 30
to 20 years.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Each state system board of directors would grant the COLA provided
for under S.B. 2 on July 1 of this year. Funds would come from the systems’ experience
accounts.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">If the balances in the experience accounts on June 30 are less
than the cost of the COLAs, the percentage increase would be reduced
accordingly. LSERS is the only one affected. It has $23 million in its
experience account, and its increase will cost $25.1 million.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Eligible under current law for the COLA are any regular retiree
who has received a benefit for at least one year and who has attained at least
age 60; any beneficiary of a regular retiree, beneficiary or both combined who
has received a benefit for at least one year and if the deceased member would
have attained age 60; and any disability retiree or any beneficiary who
receives benefits based on the death of a disability retiree if benefits have
been received by the retiree, beneficiary or both combined for at least a year.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">LASERS has 33,575 regular retirees, 5,834 survivors and
beneficiaries, and 2,457 disabled retirees. Total cost of its COLA would be
$123.1 million. The TRSL has 58,751 retirees, 6,771 survivors and
beneficiaries, and 4,121 disabled retirees. Total coast of its increase would
be $224.7 million.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<br />
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">LSERS has 10,146 retirees, 1,662 survivors and beneficiaries, and
331 disabled retirees. Total cost of its increase would be $25.1 million. The
SPRS has 696 regular retirees, 335 survivors and beneficiaries, and 62 disabled
retirees. The cost of its increase would be $6.8 million.</span></span><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.americanpress.com/20160429-Retiree-COLAs">Original article here.</a> </span></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-56506124134129170892016-04-26T09:11:00.001-05:002016-04-26T09:11:02.394-05:00Louisiana House OKs cost of living increase for state retirees, but there's still another hurdle<span style="font-family: Arial, Helvetica, sans-serif;"><i>Mark Ballard</i></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><i>The Advocate</i></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Not a single Louisiana representative and senator has voted
against raising the monthly pension checks for most of the state’s retirees.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">But the bill that passed the
full House on Monday 92-0 is not the same as the version that passed the Senate
35-0 on April 13.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The differences between the
House and Senate measures would have to be worked out — both chambers must
agree on the exact language — before any cost of living adjustments could be
approved and sent to the governor for his signature.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The cost of living
adjustment, for about 125,000 retirees beginning on July 1, in<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=993249" id="N0x2299230N0x2642a00:N0x2299230N0x2441570" target="_blank"><span style="color: #ce171e;">Senate
Bill 2</span></a><span class="apple-converted-space"> </span>is conditioned
on the passage of two other bills that tweak how the retirement system funds
retirements and pays for administrative costs.<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=994885" id="N0x2299230N0x2642a60:N0x2299230N0x2441600" target="_blank"><span style="color: #ce171e;">House
Bill 32</span></a><span class="apple-converted-space"> </span>carries no
conditions and would simply raise the benefits.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">“The key point,” said Rep.
Sam Jones, the Franklin Democrat who sponsored HB32, “is we have consensus to
pass a COLA.”<o:p></o:p></span></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=996954" target="_blank"><span style="color: #ce171e;">HB32 and SB2 would give</span></a><span class="apple-converted-space"> </span>retired state workers and public
school teachers over the age of 60 a 1.5 percent increase. Retirees in the
systems that handle the pensions for State Police employees and public school
workers over the age of 60 would receive an increase of about 2 percent.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The average monthly increase
would be about $30 but could vary based on the circumstances of individual
retirees and the retirement systems to which they belong. It would be the first
cost of living adjustment in two years for many retirees. For others, it’ll be
the first raise in benefits in at least eight years, Jones said.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The state is in a fiscal
crisis and is still looking at a budget deficit of about $600 million for the
fiscal year that begins July 1, without any real plan to bridge that gap short
of draconian cuts to hospitals, higher education institutions and possibly not
funding the college tuition-paying Taylor Opportunity Program for Students, or
TOPS, for more than 30,000 students already qualified for the scholarships.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">But the money would come from
an account where excess investment earnings were deposited and the $385 million
ultimate cost would not impact the state budget. The money in the funds cannot
legally be used for other state expenses.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Part of the reason for the
$20 billion debt issue involving retirement accounts is the COLAs granted over
the years. Generally, the additional dollars were tacked onto the debt, which
state government didn’t adequately fund.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Two years ago, Act 399 set
criteria that allowed cost of living adjustments every other year, provided
enough money was in the excess investment accounts and the systems hit
predetermined levels of funding. Part of the criteria is inflation, which last
year was below the amount needed to trigger the increased benefit.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Both Jones and Sen. Barrow
Peacock, who sponsored SB2, acknowledge that the federal consumer price index
last year wasn’t high enough. However, they argue, the cost of health care and
food, on which seniors spend most of their money, rose last year, while the
collapse of energy prices drove down the official inflation rate. If looking at
the rise in consumer prices over the past two years, the inflation rate is plenty
high enough, both Jones and Peacock said.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">While Jones’ House bill puts
no conditions on the adjustment, Peacock’s Senate Bill 2 would grant a COLA
only if two other measures also are approved.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">A Shreveport Republican who
chairs the Senate retirement panel, Peacock said during an interview moments
before the House vote that he still wants to link the cost of living adjustment
to his two other bills.<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=992507" id="N0x2299230N0x2642b20:N0x2299230N0x2441c78" target="_blank"><span style="color: #ce171e;">Senate
Bill 18</span></a><span class="apple-converted-space"> </span>would tinker
with how the retirement systems are funded, and<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=987681" id="N0x2299230N0x2642b80:N0x2299230N0x2441d08" target="_blank"><span style="color: #ce171e;">Senate
Bill 5</span></a><span class="apple-converted-space"> </span>would require
administrative costs to be paid annually rather than rolled into the long-term
debt.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">“The important thing is to
help the long-term soundness of the retirement system,” Peacock said.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Jones said he is OK with the
two measures attached to Peacock’s cost of living adjustment bill. But the two
of them haven’t yet met to decide how best to proceed.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">All three Senate bills are
scheduled for a hearing Thursday before the House Retirement Committee.<o:p></o:p></span></span></div>
<br />
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">HB32 now goes to the Senate,
where it’ll likely be assigned to Peacock’s committee for a hearing.</span></span></div>
<br />
<a href="http://theadvocate.com/news/15595327-64/house-oks-cost-of-living-increase-for-state-retirees">Original article here</a>.Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-44857409060474685982016-04-19T09:58:00.002-05:002016-04-19T09:58:48.075-05:00Bills to Change Plans for New Hires to be Heard in House Retirement Committee<div style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px; text-align: justify;">
<strong>The House Retirement Committee is scheduled to meet Thursday, April 21, 2016 at 9:00 a.m.</strong> The following bills, sponsored by Rep. Ivey, are on the agenda:</div>
<div style="text-align: justify;">
<ul style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<li><strong>HB 45</strong> (Constitutional Amendment) would modify existing constitutional guarantees to provide that only benefits annuitized by a state retirement system will be guaranteed by the State and that the accrued benefits of members that are annuitized and calculated based on accrual rate and average compensation shall not be diminished or impaired. Current constitutional language provides that the "state shall guarantee benefits payable to a member of a state retirement system or retiree or to his lawful beneficiary upon his death." And, that "accrued benefits ... shall not be diminished or impaired."</li>
</ul>
<div style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<ul>
<li><strong>HB 46</strong> (Constitutional Amendment) would apply for new hires on or after July 1, 2017, whose benefits are guaranteed by the Constitution. The bill specifies that member and employer shall share equally in the normal cost of the member's benefit and any Unfunded Accrued Liability (UAL) associated with an augmentation of the member's benefit.</li>
</ul>
</div>
<ul style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<li><strong>HB 50 </strong>would create a new retirement plan with tiered accrual rates for new hires on or after July 1, 2018. <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGVtmSA96GrLhv3Ot3nB9ct4iHjilQdqBPqU7qo0UCZMtLUJGM6hTYYTSKqDbrjq1vSfjnsyVbplCyt-tANX6jlXJ9mdDtrAMvWHLa0T9h80m0Ym0eaNJLwNTzimgxVmBuJqRw5iLxQV-2/s1600/chart.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGVtmSA96GrLhv3Ot3nB9ct4iHjilQdqBPqU7qo0UCZMtLUJGM6hTYYTSKqDbrjq1vSfjnsyVbplCyt-tANX6jlXJ9mdDtrAMvWHLa0T9h80m0Ym0eaNJLwNTzimgxVmBuJqRw5iLxQV-2/s1600/chart.png" /></a></div>
</li>
<li><strong>HB 65</strong> would create a new hybrid retirement plan for new hires on or after July 1, 2018.</li>
</ul>
<div style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<div align="justify" style="font-size: 14.6667px;">
<strong>The LASERS Board of Trustees opposes HBs 45, 46, 50, and 65</strong> since our members do not contribute to Social Security and the Board recognizes the importance of retirement security. In addition to being deemed a qualified plan by the IRS, the existing defined benefit plan has an extremely modest normal cost of four percent of pay. The Board is also aware that over the past decade, the legislature has adopted significant pension reform that, for LASERS alone, is expected to reduce costs by $3 billion.</div>
<div align="justify" style="font-size: 14.6667px;">
</div>
<div align="justify" style="font-size: 14.6667px;">
Also on the agenda is:</div>
<div align="justify" style="font-size: 14.6667px;">
<ul>
<li><strong>HB 49 </strong>(Ivey) which would stipulate that rather than a set rate, contribution rates for new hires on or after July 1, 2017, shall be calculated each year to 50 percent of the normal cost, plus that year's amortization payment of any Unfunded Accrued Liability (UAL) associated with benefit augmentations, plus that year's amortization of overpayment or underpayment of employee contributions. The change is contingent upon passage of a constitutional amendment.</li>
</ul>
</div>
<div align="justify" style="font-size: 14.6667px;">
<strong>The LASERS Board of Trustees opposes</strong><strong> HB 49</strong> as it recognizes that members who obtain refunds would be repaid funds that should be applied to the Unfunded Accrued Liability (UAL). It could also result in a member paying the UAL of another member, for no corresponding benefit, thereby constituting a tax. The Board also noted that since members would be unsure of the amount of their contribution, they would be unsure of their amount of compensation.</div>
<div align="justify" style="font-size: 14.6667px;">
<br /></div>
<div align="justify" style="font-size: 14.6667px;">
<em>Please note that meeting schedules and agendas are subject to change. Check the LASERS website daily for updates and for detailed information about proposed retirement legislation that may impact LASERS if passed.</em></div>
<div align="justify" style="font-size: 14.6667px;">
<em><br /></em></div>
</div>
<div align="justify" style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<em><br /></em></div>
<div style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px; text-align: justify;">
<strong style="background-color: white; font-size: 21.3333px; text-align: center;">Experts to Provide Testimony at House Retirement Committee Meeting</strong></div>
<div style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px; text-align: justify;">
<strong style="background-color: white; font-size: 21.3333px; text-align: center;"><br /></strong></div>
<div align="justify">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_gMqR3nxDCa9MDu9_RvQhirydsPeY1RhlP8ogve4tGRSpFfoaRV214NaeGYOJZ5kR77i_RKIx-BEKuRNsWwC_UFcGO5TYus8sljHcY-VTpQM6gcEqoFqmko_NL-qh2Sajxu_BDNOnPzj_/s1600/Brainard.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_gMqR3nxDCa9MDu9_RvQhirydsPeY1RhlP8ogve4tGRSpFfoaRV214NaeGYOJZ5kR77i_RKIx-BEKuRNsWwC_UFcGO5TYus8sljHcY-VTpQM6gcEqoFqmko_NL-qh2Sajxu_BDNOnPzj_/s200/Brainard.jpg" width="160" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b>Keith Brainard</b></td></tr>
</tbody></table>
<div align="justify" style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<span style="background-color: white;">Keith Brainard, Research Director for the National Association <span style="font-size: 11pt;">o</span><span style="font-size: 11pt;">f State </span><span style="font-size: 11pt;">Retirement Administrators (NASRA) is expected to testify at the House Retirement Committee meeting on Thursday, April 21. Mr. Brainard collects, prepares and distributes to NASRA members news, studies, and reports pertinent to public retirement system administration and policy. </span></span></div>
<div align="justify" style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<span style="background-color: white;"> </span></div>
<div align="justify" style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<span style="background-color: white;">Mr. Brainard is co-author of<em> The Governmental Plans Answer Book</em>, Third Edition, and he created and maintains the Public Fund Survey, an online compendium of public pension data sponsored by NASRA. He created the State & Local Pension Exchange, predecessor to the Public Fund Survey and recipient of the Award for Excellence in Government Finance from the Government Finance Officers Association. He has discussed public pension issues before Congress, state legislative committees, public pension boards of trustees, and on multiple media outlets.</span></div>
<div align="justify" style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<span style="background-color: white;"> </span></div>
<div align="justify" style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<span style="background-color: white;">He is an appointed member of the Texas Pension Review Board and an elected member of the Georgetown, Texas, city council. Mr. Brainard previously served as manager of budget and planning for the Arizona State Retirement System and as a fiscal analyst for the Texas and Arizona legislatures. He holds a B.A. and an M.P.A. from the University of Texas at Austin.</span></div>
<div align="justify" style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">
<span style="background-color: white;"><br /></span></div>
<div align="justify">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6Br9UixbcNssLNBqCuc43wAJpVferseEYS2z-h68PQXhHHE07_cocLjyOM-GgHBK1POPMxoZlvYg4BTZuHLUeI1hFd5or3ECjW7p_bcQ7tJSarnhikO0yFmC8OtRPPy0XWJi375BadwGE/s1600/Klausner.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6Br9UixbcNssLNBqCuc43wAJpVferseEYS2z-h68PQXhHHE07_cocLjyOM-GgHBK1POPMxoZlvYg4BTZuHLUeI1hFd5or3ECjW7p_bcQ7tJSarnhikO0yFmC8OtRPPy0XWJi375BadwGE/s1600/Klausner.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b>Robert Klausner</b></td></tr>
</tbody></table>
<div align="justify">
<span style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif;"><span style="background-color: white; font-size: 14.6667px;">Robert D. Klausner, principal in the law firm </span></span><span style="background-color: white; color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 14.6667px;">of Klausner, Kaufman, Jensen & Levinson, is also expected to testify at the House Retirement Committee meeting on Thursday, April 21. For 39 years, he has been engaged in the practice of law, specializing in the representation of public employee pension funds. The firm represents state and local retirement systems in more than 20 states.</span></div>
<div align="justify">
<span style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif;"><span style="background-color: white; font-size: 14.6667px;"> </span></span></div>
<div align="justify">
<span style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif;"><span style="background-color: white; font-size: 14.6667px;">Mr. Klausner has assisted in the drafting of many state and local laws on public employee retirement throughout the United States. He is a frequent speaker on pension education programs and has also published numerous articles on fiduciary obligations of public employee pension trustees. He is co-author of the book <i>State and Local Government Employment Liability</i>, published by Thomson-Reuters West Publishers and is the author of the first comprehensive book on the law of public employee retirement systems, <i>State and Local Government Retirement Law: A Guide for Lawyers, Trustees, and Plan Administrators</i>, originally published in April 2009, and an expanded version which was published in November 2014. </span></span></div>
<div align="justify">
<span style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif;"><span style="background-color: white; font-size: 14.6667px;"> </span></span></div>
<div align="justify">
<span style="color: #003676; font-family: Verdana, Geneva, Arial, Helvetica, sans-serif;"><span style="background-color: white; font-size: 14.6667px;">Mr. Klausner graduated Phi Beta Kappa from the University of Florida with a Bachelor of Arts and from the University Florida College of Law with the degree of Juris Doctor. For more than 15 years, Mr. Klausner has been listed in the publication The Best Lawyers in America and holds an "AV pre-eminent" rating, the highest rating for competence and ethics, from Martindale Hubbell national lawyer rating service. In 2008, Mr. Klausner successfully represented the Commonwealth of Kentucky and the Kentucky Retirement Systems in the United States Supreme Court in <b><i>Kentucky Retirement Systems v. Equal Employment Opportunity Commission, 128 S. Ct. 2361 (2008).</i></b></span></span></div>
</div>
</div>
</div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-22276097032068004492016-04-18T10:37:00.000-05:002016-04-18T10:37:08.221-05:00Retirement COLA bill passes House committee<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="color: #303030; font-family: Arial, Helvetica, sans-serif;"><i>Jim Beam</i></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="color: #303030; font-family: Arial, Helvetica, sans-serif;"><i>American Press</i></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="color: #303030; font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The House Retirement Committee approved a measure Thursday to
provide for a cost-of-living adjustment for retirees and beneficiaries of four
state retirement systems.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">House Bill 32 moves to the full House. A similar measure passed
the Senate and is awaiting a House committee hearing.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The four systems are the Louisiana State Employees’ Retirement
System, the Teachers’ Retirement System of Louisiana, the Louisiana School
Employees’ Retirement System and the State Police Retirement System.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">The increase would only be paid on the first $60,000 of a
retiree’s or beneficiary’s benefit. The maximum amount would be 1.5 percent of
the retiree’s benefit for LASERS and the TRSL, 1.9 percent for LSERS and 2
percent for the SPRS.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">H.B. 32 is by Rep. Sam Jones, D-Franklin. His measure would
override current law for one year and provide a larger COLA than what
recipients would have otherwise received July 1. Each state system board would
grant the COLA provided for under H.B. 32 on July 1 of this year. Funds would
come from the systems’ experience accounts.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">If the balances in the accounts on June 30 are less than the cost
of the COLAs, the percentage increase would be reduced accordingly.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Eligible under current law for the COLA are any regular retiree
who has received a benefit for at least one year and who has attained at least
age 60; any beneficiary of a regular retiree, beneficiary, or both combined
have received a benefit for at least one year and if the deceased member would
have attained age 60; and any disability retiree or any beneficiary who
receives benefits based on the death of a disability retiree if benefits have
been received by the retiree, beneficiary or both combined for at least one
year.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">LASERS has 33,575 regular retirees, 5,834 survivors and
beneficiaries, and 2,457 disabled retirees. Total cost of their COLA would be
$123.1 million. The TRSL has 58,751 retirees, 6,771 survivors and
beneficiaries, and 4,121 disabled retirees. Total coast of their increase would
be $224.7 million.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">LSERS has 10,146 retirees,
1,662 survivors and beneficiaries, and 331 disabled retirees. Total cost of
their increase would be $23.8 million. The SPRS has 696 regular retirees, 335
survivors and beneficiaries, and 62 disabled retirees. The cost of their
increase would be $11.2 million.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;">Sen. Barrow Peacock, R-Bossier City, is sponsor of the similar
retirement measure. His Senate Bill 2 was approved 35-0 by the full Senate and
is awaiting a hearing in the House Retirement Committee.</span></span><o:p></o:p></span></div>
<div style="background: white; font-style: inherit; font-weight: inherit; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt; outline: 0px;">
<br /></div>
<br />
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><span style="font-family: Arial, Helvetica, sans-serif;">Peacock’s measure has one major difference from Jones’ bill.
Peacock’s is linked to passage of two other bills. S.B. 5 would require the
retirement systems to timely pay administrative costs rather than rolling them
over. S.B. 18 would reduce the time for paying off retirement debt from 30 to
20 years.</span></span></span><o:p></o:p></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in; mso-line-height-alt: 11.7pt;">
<span class="rsepacopybody"><span style="border: 1pt none windowtext; color: #303030; padding: 0in;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.americanpress.com/news/20160415-House-Retirement-Bill">Original article here.</a></span></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-37187533942156815192016-04-14T14:31:00.003-05:002016-04-14T14:31:50.847-05:00Louisiana House panel backs benefits hike for state retirees<span style="font-family: Arial, Helvetica, sans-serif;"><i>Mark Ballard</i></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><i>The Advocate</i></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Officials representing retired government employees voiced optimism that their charges may actually get a cost of living bump in monthly benefits checks — despite worries over the state’s precarious fiscal situation — after a Louisiana House committee Thursday approved legislation granting an increase for most state pensioners.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">“It looks really good,” said Rodney R. Watson, executive director of the Louisiana Retired Teachers Association, articulating the sentiment being voiced by his colleagues in a State Capitol hallway moments after the House Retirement Committee favorably recommended House Bill 32 for consideration by the full House.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">The measure is virtually identical to legislation the full Senate approved Wednesday night, meaning that the cost of living adjustment, or COLA, is near the end of its legislation journey. Gov. John Bel Edwards has indicated he would sign the legislation, which passed last year but was vetoed by then Gov. Bobby Jindal.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">The only difference between the House and Senate versions of the increase is that the Senate bill attaches the success of the COLA with the passage of two other measures aimed at tweaking the system. But Maureen Westgard, executive director of the Teachers’ Retirement System of Louisiana, said the four retirement systems and the associations that represent retirees have said they support the two revamp bills attached to the Senate’s cost of living increase measure.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Nobody voted against Senate Bill 2 as it went through two committees and a vote by the full Senate. Only one legislator has voted against the idea of COLA, so far, — Central Republican Rep. Barry Ivey, a member of the House Retirement Committee — voted against the bump in monthly benefit checks for about 125,000 retired state workers, teachers, school employees, troopers and others, who are over the age of 60 and have been retired for at least a year.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">The four systems covering the pensions of state workers and public teachers would receive a 1.5 percent increase. Retirees in the systems that handle the pensions for State Police employees and public school employees would receive a 2 percent bump.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">The average monthly increase would be about $30, but could vary based on the circumstances of individual retirees and the retirement systems to which they belong.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">The money comes from an account where excess investment earnings were deposited and the $380 million ultimate cost would not come from the state budget, which is $750 million in the red.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://theadvocate.com/news/15489240-128/louisiana-house-panel-backs-benefits-hike-for-state-retirees">Original article here.</a></span><br />
<div>
<br /></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-79938559151762982542016-04-13T10:51:00.002-05:002016-04-13T10:52:39.693-05:00Senate committee OKs pay boost for state retirees<span style="font-family: "arial" , "helvetica" , sans-serif;"><i>Jim Beam</i></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><i>American Press</i></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">The Senate Finance Committee approved a measure here Monday that provides for a cost-of-living adjustment (COLA) for retirees and beneficiaries of four state retirement systems. Senate Bill 2 moves to the full Senate.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">The four systems are the Louisiana State Employees Retirement System (LASERS), the Teachers Retirement System of Louisiana (TSRL or Teachers), The Louisiana School Employees’ Retirement System (LSERS) and the State Police Retirement System (SPRS or Troopers).</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">The increase would only be paid on the first $60,000 of a retiree or beneficiary’s benefit. The maximum amount would be 1.5 percent of the retiree’s benefit for LASERS and Teachers and 2 percent for LSERS and Troopers.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">S.B. 2 is by Sen. Barrow Peacock, R-Bossier City, chairman of the Senate Retirement Committee. His measure overrides current law for one year and provides a larger COLA than what recipients would have otherwise received on July 1. Under current law retirees on July 1 would have received only a 0.124 percent COLA.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Peacock’s measure is linked to passage of two other bills. S.B. 5 would require the retirement systems to timely pay administrative costs rather than rolling them over. S.B. 18 would reduce the time for paying off retirement debt from 30 to 20 years.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Each state system board of directors would grant the COLA provided for under S.B. 2 on July 1 of this year. Funds would come from the systems’ experience accounts.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">If the balances in the experience accounts on June 30 are less than the cost of the COLAs, the percentage increase would be reduced accordingly. LSERS is the only one affected. It has $23 million in its experience account and its increase will cost $25.1 million.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Eligible under current law for the COLA are any regular retirees who have received a benefit for at least one year and who have attained at least age 60; any beneficiary of a regular retiree who has received a benefit for at least one year and if the deceased member would have attained age 60; and any disability retiree or beneficiary who receives benefits based on the death of a disability retiree if benefits have been received for at least one year.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">LASERS has 33,575 regular retirees, 5,834 survivors and beneficiaries and 2,457 disabled retirees. Total cost their COLA would be $123.1 million. Teachers’ has 58,751 retirees, 6,771 survivors and beneficiaries and 4,121 disabled retirees. Total coast of their increase would be $224.7 million.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">LSERS has 10,146 retirees, 1,662 survivors and beneficiaries and 331 disabled retirees. Total cost of their increase would be $25.1 million. Troopers’ has 696 regular retirees, 335 survivors and beneficiaries and 62 disabled retirees. The cost of their increase would be $6.8 million.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://www.americanpress.com/20160412-retiree-Increase">Original article here.</a></span>Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com4tag:blogger.com,1999:blog-4799046019367724062.post-47743884550366519552016-04-12T09:15:00.001-05:002016-04-12T09:15:12.786-05:00State retiree cost of living adjustment goes to full Senate for a vote<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;"><i>Mark Ballard</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;"><i>The Advocate</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">A cost of living increase for state retirees cleared its second
legislative hurdle Monday and can now be presented to the full Louisiana Senate
for a vote.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The Senate Finance Committee
vetted<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=990293" id="N0x2299230N0x24812f0:N0x2299230N0x23103a8" target="_blank"><span style="color: #ce171e;">Senate
Bill 2</span></a><span class="apple-converted-space"> </span>and voted
without objection to recommend the $349 million cost of living adjustment, or
COLA, for nearly 125,000 retired teachers, agency employees, teachers, public
school employees, troopers and State Police staffers.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The money, which would cover
the additional dollars added to monthly retiree checks from here on, would come
from a fund where excess investment income is parked, rather than from state
revenues. Under the state Constitution, the money could not be used to chip
away at the state’s revenue shortfall, which is now about $800 million.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">If approved by the state
Senate and by Louisiana House, then signed into law by the governor, it would
be the first. Another cost of living adjustment would not be available until
the fund, called the Experience Account, is refilled.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The four systems covering the
pensions of state workers and public teachers would receive a 1.5 percent
increase. Retirees in the systems that handle the pensions for State Police
employees and public school employees, based on the latest calculation, would
receive a 2 percent bump, according the<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=992773" id="N0x2299230N0x24813b0:N0x2299230N0x2310678" target="_blank"><span style="color: #ce171e;">latest
fiscal impact note</span></a><span class="apple-converted-space"> </span>attached
to SB2.</span><o:p></o:p></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">“This is a reasonable COLA. We’re following the guidelines,”
said Shreveport Republican Sen. Barrow Peacock, who as chairman of the Senate
Retirement committee is sponsoring the cost of living increase.</span><o:p></o:p></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Peacock noted that the permanent increase in benefits had met
almost all of the triggers in a process put together by the Louisiana
Legislature two years ago to revamp the way COLAs are granted to state
retirees. Act 399 requires the four retirement systems meet set funding
percentages and have enough money in their Experience Accounts.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The exception from coming
into full compliance with Act 399 is that inflation is not high enough. But,
Peacock said, the inflation numbers, if considered over the two years since the
last increase, would meet the standard necessary.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">Also, looking at aspects
going into the calculation of the official inflation rate shows that food and
healthcare cost more, but the dramatic drop in energy prices has lowered the
percentage, Peacock said.</span><o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333;">The four systems are about
$20 billion short of the money needed to pay its commitments to present
retirees and the future ones who are currently working. The systems were
revamped to ensure COLAs, but to also chip away at that UAL, or the unfunded
accrued liability.</span><o:p></o:p></span></div>
<br />
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Cindy Rougeou, the executive
director of the Louisiana State Employees’ Retirement System, said LASERS and
Teachers’ Retirement System of Louisiana, alone, had paid down $1.3 billion
through the Act 399 revamp.</span></span><o:p></o:p></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><i><a href="http://theadvocate.com/news/15459554-130/state-retiree-cost-of-living-adjustment-goes-to-full-senate-for-a-vote">Original article here.</a></i></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com2tag:blogger.com,1999:blog-4799046019367724062.post-50331191534021424822016-04-08T11:34:00.000-05:002016-04-08T11:34:08.641-05:00Legislative Update for April 8, 2016<table border="0" cellpadding="0" cellspacing="0" id="content_LETTER.BLOCK3" style="background-color: white; width: 100%px;"><tbody>
<tr><td align="left" class="ArticlePadding" colspan="1" rowspan="1" style="font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; padding: 8px 25px 9px;" valign="top"><div align="center" style="font-weight: bold; text-align: center;">
<br /></div>
<div style="font-size: 11pt;">
<div align="justify" style="color: #003676; text-align: justify;">
<strong style="font-size: 14.6667px;">The House and Governmental Affairs Committee </strong><span style="font-size: 11pt;">met Wednesday, April 6 and reported </span><span style="font-size: 11pt;"><strong>HB 78 </strong></span><span style="font-size: 11pt;">favorably.</span></div>
<div align="justify" style="color: #003676; text-align: justify;">
<strong style="font-size: 11pt;"><br /></strong></div>
<div align="justify" style="color: #003676; text-align: justify;">
<strong style="font-size: 11pt;">Two bills passed unanimously on the Senate Floor:</strong><span style="font-size: 11pt;"><div>
</div>
<div>
<strong>SB 14</strong>, sponsored by Sen. Morrish, would add employees of the Chenier Plain Coastal Restoration and Protection Authority to LASERS. The LASERS Board of Trustees is neutral on this bill.</div>
<div>
</div>
<div>
<strong>SB 18</strong>, sponsored by Sen. Peacock, passed after three sets of technical amendments were adopted. This bill clarifies provisions created in Act 399 of 2014; reduces the amortization period for actuarial gains and losses from 30 years to 20 years once the System is 70 percent funded (rather than 85 percent funded); and provides for the re-amortization of schedules of gains and losses for the 2019-2020 fiscal year and every fifth fiscal year thereafter. The LASERS Board of Trustees supports this bill, as amended.</div>
<div>
</div>
</span><strong style="font-size: 14.6667px;">SBs 14 and 18 </strong><span style="font-size: 11pt;">now move to the House Retirement Committee for consideration.</span></div>
</div>
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<tr><td align="center" bgcolor="#A39161" class="DividerHeight DividerBGColor" colspan="1" height="1" rowspan="1" style="background-color: #a39161; height: 1px; line-height: 1px; padding-bottom: 0px;"><img alt="" border="0" height="1" hspace="0" src="https://static.ctctcdn.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;" vspace="0" width="5" /></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" id="content_LETTER.BLOCK5" style="background-color: white; width: 100%px;"><tbody>
<tr><td align="left" class="ArticlePadding" colspan="1" rowspan="1" style="font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; padding: 8px 25px 9px;" valign="top"><div align="center" style="font-weight: bold; text-align: center;">
<span style="color: #073763; font-size: large;">Upcoming Meetings </span></div>
<div align="center" style="font-weight: bold; text-align: center;">
<br /></div>
<div style="font-size: 11pt;">
<div align="justify" style="color: #003676; text-align: justify;">
<span style="font-size: 11pt;"><strong style="font-size: 11pt;">The Senate Revenue and Fiscal Affairs Committee</strong><span style="font-size: 11pt;"><strong> is scheduled to meet Monday, April 11 at 1:30 p.m. </strong></span>There will be a discussion regarding the tax exemptions for retirement benefits paid by public retirement systems.<div>
<div align="center" style="text-align: center;">
<br /></div>
<span style="font-size: 11pt;"><strong>The House Retirement Committee is scheduled to meet Thursday, April 14 at 9:00 a.m. Four bills are on the agenda that would impact LASERS if passed:</strong></span></div>
<div>
</div>
<div>
<strong>HB 14</strong>, sponsored by Rep. Pearson, replaces the chairmen of the House and Senate committees on retirement with the speaker of the House of Representatives and the president of the Senate as trustees on each state and statewide retirement system board. The LASERS Board of Trustees has not yet taken a position on this bill.</div>
<div>
</div>
<div>
<strong>HB 32</strong>, sponsored by Rep. Jones, authorizes a Cost of Living Adjustment (COLA) of up to 1.5 percent (based on the amount of funds available in the Experience Account) for LASERS retirees and beneficiaries and provides for the order in which credits and debits shall be applied to the Experience Account (the Experience Account will not be refilled in years when a COLA is granted). The LASERS Board of Trustees has not yet taken a position on this bill.</div>
<div>
<br /></div>
<div>
<strong>HB 33</strong>, sponsored by Rep. Jones, authorizes the LASERS Board of Trustees to grant Cost of Living Adjustments (COLAs) without legislative approval when the COLA conditions are met. COLAs shall be based on the first $60,000 of the retiree's annual benefit and the $60,000 limit shall increase based on any increase in the CPI-U beginning July 1, 2028. The LASERS Board has not yet taken a position on this bill.</div>
<div>
</div>
<div>
<strong>HB 910</strong>, sponsored by Rep. Talbot, prohibits membership in LASERS for employees of a primary health center established under federal law whose first date of employment is on or after September 1, 2016 (Excelth is the impacted LASERS entity). The LASERS Board of Trustees is neutral on this bill.</div>
<div>
</div>
<div>
<strong>The Senate Retirement Committee is not scheduled to meet next Monday, April 11.</strong></div>
<br /><div>
<em>Please note that meeting schedules are subject to change. Check the LASERS website daily for updates and for detailed information about proposed retirement legislation that may impact LASERS if passed.</em></div>
</span></div>
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Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-78060695198715707822016-04-05T12:56:00.004-05:002016-04-05T12:56:41.363-05:00Pension hikes for Louisiana retirees clear first legislative hurdle<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><i>The Advocate</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><i>Mark Ballard</i></span></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">A cost-of-living increase for retired state workers cleared its
first hurdle Monday, but only after a Louisiana Senate committee tied the raise
in monthly pension checks to two other bills that would revamp aspects of the
state retirement systems.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Senate Retirement Committee
Chairman Barrow Peacock, R-Shreveport, said all three bills would have to pass
the Legislature and be signed by the governor in order for retirees to see 1.5
percent to 2 percent more in their monthly pension checks. But he didn’t see that
as a problem.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">“Right now, everybody’s in
favor,” Peacock said in an interview after the hearing.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Peacock amended his<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=986758" id="N0x2340be0N0x22e63f0:N0x2340be0N0x23108b8" target="_blank"><span style="color: #ce171e;">Senate
Bill 2</span></a>, which awards retirees cost-of-living adjustments, called
COLAs, to the passage of<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=987681" id="N0x2340be0N0x22e6750:N0x2340be0N0x2310af8" target="_blank"><span style="color: #ce171e;">Senate
Bill 5</span></a>, which would require the retirement systems to timely pay
administrative costs rather than roll those charges into the 30-year debt; and
of<span class="apple-converted-space"> </span><a href="http://www.legis.la.gov/legis/ViewDocument.aspx?d=987019" id="N0x2340be0N0x22e6930:N0x2340be0N0x2310c60" target="_blank"><span style="color: #ce171e;">Senate
Bill 18</span></a>, which would reduce the amortization period — paying off
debt on a fixed schedule — from 30 years to 20 years.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">“It ensures that we get the
proper funding mechanisms in place,” Peacock said.<o:p></o:p></span></span></div>
<div style="background: white; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">In awarding the COLAs, Peacock acknowledged that the
inflationary trigger had not been met under state law. The other criterion that
allows lawmakers to increase the monthly pension checks have, he said.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">“It’s true, in the last 12
months there has been virtually no inflation,” Peacock said. But during the
previous 24 months, inflation was enough to allow the COLA, and the chairman
says he chooses to interpret the law that way.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The Consumer Price Index for
All Urban Consumers, or CPI-U, is the federal calculation for the prices paid
for goods and services paid by consumers. Though the cost of food, clothing,
shelter and medical care grew during the past 12 months, the index was offset
by dramatic reductions in the costs for fuel.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Frank L. Jobert Jr., the
legislative and governmental affairs director for the<span class="apple-converted-space"> </span><a href="http://www.rseala.org/" id="N0x2340be0N0x22e6990:N0x2340be0N0x2310fc0" target="_blank"><span style="color: #ce171e;">Retired State Employees Association of Louisiana</span></a>,
argued that the CPI-U was misleading and shouldn’t be included in the law that
allows for cost-of-living increases for retirees. Health care costs, for
instance, have gone up considerably and this is a cost important to the
elderly.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">“I’m not sure the CPI-U is a
true measure,” he said.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Steven Procopio, policy
director at the Public Affairs Research Council of Louisiana, said he
understood the needs for COLAs and the reason for granting them this year. But,
the law, which specified inflation for the previous 12 months, was put in place
two years to provide some order and fiscal responsibility in granting the
increases.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">Circumventing the criteria
was not prudent, he said. “It basically undoes what the law does,” Procopio
testified.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">If SB2 — and the other two
measures — are ultimately approved, nearly 125,000 pensioners over the age of
60, who have been retired for at least a year, would receive a bump in their
monthly checks. Based on calculation of how well funded each of the state
systems are, retired state workers and retired public school teachers would
receive a 1.5 percent increase; retired school workers would get 1.9 percent;
and retired State Police troopers and staff would receive at least 2 percent
more.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The average monthly increase
would be about $30, but could vary based on the circumstances of individual
retirees.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The money comes from an
account where excess investment earnings were deposited and the $380 million
ultimate cost would not come from the state budget, which is $750 million in
the red.<o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">The Senate Retirement
Committee, without objection, reported SB2 and SB18 favorably to the full
Senate.<o:p></o:p></span></span></div>
<br />
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;">SB5 already has been approved
by the Senate and has been assigned to the House Retirement Committee for
consideration.</span><span style="font-family: Georgia, serif;"><o:p></o:p></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div style="background: white; box-sizing: border-box; line-height: 19.2pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #333333;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://theadvocate.com/news/15390510-148/pension-hikes-for-louisiana-retirees-clears-first-legislative-hurdle">Original article here.</a></span></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0tag:blogger.com,1999:blog-4799046019367724062.post-48282406632679589222016-04-04T11:21:00.000-05:002016-04-04T11:21:09.188-05:00Louisiana legislators want to increase monthly pension checks for state retirees<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i>The Advocate</i></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i>Mark Ballard</i></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Even as lawmakers struggle with the possibility of deep cuts to state services, the road to a bump in the monthly pension checks for nearly 125,000 state retirees and their survivors — living mostly in the Baton Rouge and New Orleans areas — begins Monday when a Louisiana Senate panel is scheduled to take up a cost of living adjustment bill.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“They’ll get a COLA because there’s enough money, but the funding mechanism means different amounts,” said Senate Retirement Committee Chairman Barrow Peacock, R-Shreveport.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">In Peacock’s Senate Bill 2, pensioners over the age of 60, who have been retired for at least a year and are drawing checks from one of the four state systems, would receive, starting July 1, a 1.5 percent increase for state workers and teachers; 1.8 percent bump for public school employees; and 2 percent more for State Police. It calculates out to an average increase of about $30 per month for retirees, but the exact amounts are difficult to determine and depend on many variables.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">If approved, it would be the first increase in two years.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The money initially won’t be coming from the state general fund, which pays the costs of government agencies, but out of a fund called the “Experience Account” that collects excess investment dollars. That money can’t legally be used to pay anything but COLAs, though part of it goes to paying down the $20 billion debt of the retirement systems.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">There’s no reason to think the legislation will not win approval, as the money already is in the experience accounts and the current situation fits the recently enacted legal criteria for awarding a cost of living adjustment, Peacock said.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Franklin Democratic Rep. Sam Jones, who has his own COLA bill, agreed.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“I thought it was going to be a little bit of a fight but it appears that everyone is on board with it, and you’ve got a governor who’ll sign it,” Jones said.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The head of the House Retirement Committee, Slidell Republican Rep. Kevin Pearson, was out of the country last week and unavailable for an interview. However, he texted that he was “probably OK on a COLA,” but wanted to see additional revamps made.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The increased benefits will cost an estimated $380 million over time, according to fiscal estimates. Those costs will be picked up by the retirement systems, which receives its dollars from the contributions of employees and state agencies plus any gains made from the investment of those monies.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Retirement costs state government about $2 billion a year, but is not a line item in the $25 billion budget. Rather, each agency pays its portion out of its appropriation.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“The most prominent thing going on with pensions in this session, last session, and the next session is the cost of living increases,” said Robert Scott, who heads the Baton Rouge-based government policy research group called the Public Affairs Research Council.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“There will be money (in the experience accounts) and the timing of it might be OK, in terms of every other year. But we don’t have enough inflation to justify it, probably,” Scott said.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Part of the $20 billion debt issue involving the retirement accounts is that COLAs were granted pell-mell over the years. Generally, the additional dollars were tacked onto the debt, which state government didn’t adequately fund. All of this contributed to the unfunded accrued liabilities, or UAL, which is the money needed to fulfill the commitments made to retirees and current members of the retirement systems.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The system was revamped in 2014 to ensure COLAs would continue, but at a pace that was sustainable for state government. It also allowed for some of the monies to go toward helping to pay down the UAL.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Act 399 set criteria that allowed cost of living adjustments every other year, provided enough money was in the experience account and the systems hit predetermined levels of funding.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“The other critical piece you also need is inflation. That’s the whole rationale for a COLA in the first place is that you have an inflationary environment and people need an adjustment to keep up with the extra cost of living,” Scott said.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The Act 399 revamp calculates COLAs, provided the criteria is met, at 2 percent times the retiree’s current benefit or the increase in the CPI-U for the prior calendar year times the benefit — whichever is less.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The Consumer Price Index for All Urban Consumers is the federal calculation for the prices paid for goods and services paid by consumers. Over the past 12 months, the CPI-U increased 1 percent before seasonal adjustment, according to the U.S. Bureau of Labor Statistics in a February report. </span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Though the cost of food, clothing, shelter and medical care grew, the index was offset by dramatic reductions in the costs for fuel.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Peacock’s SB2 would grant the COLA in accordance to the funding percentages of the various systems “without regard to the consumer price index.”</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Jones’ House Bill 33, which has not been scheduled for hearing, would postpone the application of the consumer price index until 2028.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“The TRSL Board is committed to working with legislators to find a balance between the responsible funding of the retirement system and protecting the purchasing power of retiree pension dollars,” said Maureen Westgard, the head of the Teachers’ Retirement System of Louisiana.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The average retired teacher receives about $2,149 per month, so the average COLA increase would be $29.50.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“The average benefit for our rank-and-file members is very modest; and our Board of Trustees supports SB2, which will provide a much-needed COLA. The funds to pay for this COLA are already set aside from excess system investment returns,” said Cindy Rougeou, the executive director of LASERS, the Louisiana State Employees’ Retirement System.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The average LASERS rank-and-file benefit is $24,660 annually. If a 1.5 percent COLA is approved, the average increase per month would be about $27.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">But an average increase is a little misleading, said Irwin Felps Jr., who heads the Louisiana State Police Retirement System.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The State Police is set up for retirees over the age of 60 to receive a 2 percent increase and those over the age of 65 to receive 4 percent.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">The increase LSPRS retirees see depends a lot on their age, the work they did, how long they’ve been retired and at what benefit. It could range anywhere from about $30, maybe less, to about $100, maybe a little more, Phelps said.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“What we’re talking about is another half-trip to the grocery store,” Rep. Jones said, adding that he understands the need to keep the system sustainable so that it avoids a catastrophic fiscal collapse that could endanger future benefits.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">“But this problem was caused by state government, yet 95 percent of the reforms are being paid by the retirees,” Jones said.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="http://theadvocate.com/news/15379513-125/louisiana-legislators-want-to-increase-monthly-pension-checks-for-state-retirees">Original article here.</a></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com1tag:blogger.com,1999:blog-4799046019367724062.post-25536125012378648582016-03-16T07:30:00.000-05:002016-03-16T07:30:04.785-05:00How Can I Make Purchases of Service Credit?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLUJcKPu6gErvYCjqbNLFSQHMiHf55WFY19VsEkN51PW9vDnYEIzEvxbQmtOlCDMZw3MfhT_CGkv0h5_3s262myf6BZmLNpPI9IJYY-DrBTsaDBG400ef0bHrp_6sazG8LJBxWMsNUNMyO/s1600/5_Purchase_Service_Credit.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLUJcKPu6gErvYCjqbNLFSQHMiHf55WFY19VsEkN51PW9vDnYEIzEvxbQmtOlCDMZw3MfhT_CGkv0h5_3s262myf6BZmLNpPI9IJYY-DrBTsaDBG400ef0bHrp_6sazG8LJBxWMsNUNMyO/s1600/5_Purchase_Service_Credit.png" /></a></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<div style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;">The latest MINT infographic illustrates the basics of <a href="http://www.lasersonline.org/uploads/5_Purchase_Service_Credit.png" target="_blank">purchasing additional service credit</a>. </span></div>
<div style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;">Head over to our website to see the full image and details of this available option for members. Sign up for the MINT emails at <a href="http://www.lasersonline.org/mint">www.lasersonline.org/mint.</a></span></div>
Malloryhttp://www.blogger.com/profile/03488335341630139833noreply@blogger.com0