2021 LRTA Legislative Update #1
April 12, 20212021 LRTA Legislative Update #3
April 21, 2021SB 24 Moves Favorably Through Senate Retirement Committee
The Senate Retirement Committee met earlier this morning and moved to report SB 24 by Senator Ed Price favorably to the full Senate.
As currently written, TRSL retirees who meet all of the following criteria on June 30, 2021, would be granted a monthly benefit increase equal to the lesser of $300 or the difference between their current benefit and $1,450:
- At least 30 years of service credit (exclusive of unused leave)
- Retired at least 15 years
- Currently receiving monthly retirement benefit of less than $1,450
- At least 60 years of age
- Never participated in DROP or ILSB/IBO
- Not receiving a benefit pursuant to a reciprocal agreement recognized by the system
SB 24 would provide a COLA to retirees living below the national poverty line, so LRTA will SUPPORT SB 24. During the Senate Retirement Committee, Senator Ed Price commented, “This is not the end. We will continue to fight for our retirees.” LRTA looks forward to working with Senator Price and other legislators in the future for COLAs for all retirees.
We will notify members of our next steps of action when the bill goes before the full Senate. Stay tuned!
Regards,
Rodney R. Watson
LRTA Executive Director