Provides for membership in the system. (2/3-CA 10s29(F)) (6/30/20) (OR INCREASE APV)
Impact
The implementation of SB 9 is expected to lead to an increase in actuarial costs, as new members will accrue retirement benefits and the retirement system will experience a change in contribution patterns. If the resolution is passed and contributions commence, the fiscal implications include increased costs related to future benefit payments, which must be funded by contributions from both the employer and employees. It is estimated that this additional participation will lead to enhanced funding of PERS over time, bolstering the system with increased revenue from the new members.
Summary
Senate Bill 9 introduces provisions for the inclusion of employees from the Hospital Service District No. 1 of St. Mary Parish into the Parochial Employees' Retirement System (PERS). This legislation provides an opportunity for these employees to gain retirement benefits associated with PERS, contingent upon the district's board adopting a resolution to become a participating employer. The option for participation is designed to enhance retirement security for employees of the district, potentially offering them improved benefits if they choose to become members of PERS.
Sentiment
The sentiment surrounding SB 9 seems generally supportive at the legislative level, as it aims to provide better retirement benefits for local government employees. However, discussions have surfaced regarding fiscal responsibilities and the long-term implications of increasing membership on the actuarial health of PERS. While advocates argue that enhancing employee benefits is crucial, there is a cautionary tone among some stakeholders regarding the increased fiscal burden on the district if the membership leads to unsustainable costs.
Contention
One notable point of contention is the expiry clause within SB 9, whereby if the Hospital Service District does not adopt the resolution by the end of 2021, the bill's provisions will become null and void. This creates uncertainty about the future benefits for employees and leaves the decision in the hands of the district's board, which may face pressure to weigh the financial implications carefully. Legislators have voiced that ensuring actuarial stability for PERS while broadening its membership is a complex interplay that demands careful consideration.
Provides for the funding deposit account for cost-of-living adjustments for the Registrars of Voters Employees' Retirement System. (2/3-CA10s(29)(F)) (gov sig) (EN INCREASE APV)
Provides relative to the reemployment of retired members of TRSL in positions eligible for TRSL membership and alternative retiree reemployment options. (2/3-CA10s(29)(F)) (7/1/26) (EN INCREASE APV)
Provides for the funding of benefit increases for retirees, beneficiaries, and survivors of the Louisiana State Police Retirement System. (gov sig) (EN INCREASE FC SG RV)