The 2021 Regular Legislative Session begins today Monday, April 12. We have already received notification that the Senate Retirement Committee will meet on Tuesday, April 13 at 10 a.m., and LRTA will observe this meeting. Senate Bill 24 by Senator Ed Price is on the agenda.
What does SB 24 do? This bill would provide a “hardship” Cost-of-Living Adjustment (COLA) to certain TRSL retirees (as well as the Louisiana State Employees’ Retirement System (LASERS), the Louisiana School Employees’ Retirement System (LSERS), and the Louisiana State Police Retirement System (LSPRS)) who meet all requirements as listed in the bill.
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:
LRTA will SUPPORT SB 24. We are encouraged by SB 24 as it would provide a “hardship” COLA to Louisiana’s retired teachers in the most need living below the national poverty line. It’s a step in the right direction, but we still have a long way to go. While LRTA has no direct control of how COLAs are funded or granted, we will advocate on behalf of retirees for a more permanent funding method for future COLAs.
Please know, LRTA will continue to work with TRSL and legislators on COLAs for all retirees! LRTA has reached out to members of the Senate Retirement Committee to ask for their support of SB 24 and for funding COLAs for all retirees in the future. If you would like to show support for those retired educators living below the national poverty line, click here to contact the Senate Retirement Committee.
LRTA will keep the Email Club up to date on this bill and the legislative session through regular Legislative Alerts and updates on our Facebook page and website. We will also have more updates about the session during our Virtual Spring Meeting on April 20. If you have not registered for the meeting, you have until 4 p.m. on April 16 to do so.
Stay tuned for our next steps of action!
Rodney R. Watson
LRTA Executive Director