Key Votes
HB 61 - Amends State Workers Pensions - Key Vote
Louisiana Key Votes
Stephen Carter voted Yea (Conference Report Vote) on this legislation.
Read recent statements Stephen Carter made in this general time period.
Stages
- June 5, 2012 Executive Signed
- May 30, 2012 House Conference Report Adopted
- May 30, 2012 Senate Conference Report Adopted
- May 24, 2012 House Nonconcurrence Vote Passed
- May 17, 2012 Senate Bill Passed
- May 2, 2012 House Bill Passed
- Jan. 27, 2012 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - June 5, 2012
Title: Amends State Workers Pensions
Signed by Governor Bobby Jindal
Legislation - Conference Report Adopted (House) (68-36) - May 30, 2012 (Key vote)
Title: Amends State Workers Pensions
Vote Smart's Synopsis:
Vote to adopt a conference report that amends state workers pensions, effective June 30, 2012.
Highlights:
- Establishes a cash balance plan for the following state retirement systems and categorizes them as “Tier 1” (Sec. 1):
- Louisiana State Employees' Retirement System;
- Teachers' Retirement System of Louisiana; and
- Louisiana School Employees' Retirement System.
- Requires a contribution of 8 percent of an individual's salary to be made to the cash balance plan for “Tier 1” state retirement systems (Sec. 1).
- Requires the cash balance plan member's account to be credited with 12 percent of the member's monthly pay, including all employee contributions (Sec. 1).
- Prohibits an individual's cash balance account to be debited for investment losses (Sec. 1).
- Prohibits a retirement system from paying total benefits that are less than the total contributions of an employee (Sec. 1).
- Prohibits members of the Hazardous Duty Services Plan from joining cash balance plans (Sec 1).
- Requires employer contributions to retirement plans to include cash balance retirement plans (Sec. 1).
- Requires interest earnings to be credited to an individual's cash balance account each year at a rate equal to the retirement system's certified rate of return minus 1 percent (Sec. 1).
- Authorizes an individual who separates from employment that covers their retirement plan to also withdraw from the cash balance plan (Sec. 1).
- Authorizes individuals who withdraw from the cash balance plan after having the plan for less than 5 years to receive a refund of his or her contributions without interest, while the retirement system will retain all interest and employer contributions (Sec 1).
- Authorizes individuals who withdraw from the cash balance plan after having the plan for 5 years or more to receive a lump-sum payment or the distribution of the total account balance in the following forms (Sec. 1):
- A single-sum transfer payment to another qualified plan; or
- A payment made directly to a conduit individual retirement account.
Legislation - Conference Report Adopted (Senate) (26-8) - May 30, 2012 (Key vote)
Title: Amends State Workers Pensions
Vote Smart's Synopsis:
Vote to adopt a conference report that amends state workers pensions, effective June 30, 2012.
Highlights:
- Establishes a cash balance plan for the following state retirement systems and categorizes them as “Tier 1” (Sec. 1):
- Louisiana State Employees' Retirement System;
- Teachers' Retirement System of Louisiana; and
- Louisiana School Employees' Retirement System.
- Requires a contribution of 8 percent of an individual's salary to be made to the cash balance plan for “Tier 1” state retirement systems (Sec. 1).
- Requires the cash balance plan member's account to be credited with 12 percent of the member's monthly pay, including all employee contributions (Sec. 1).
- Prohibits an individual's cash balance account to be debited for investment losses (Sec. 1).
- Prohibits a retirement system from paying total benefits that are less than the total contributions of an employee (Sec. 1).
- Prohibits members of the Hazardous Duty Services Plan from joining cash balance plans (Sec 1).
- Requires employer contributions to retirement plans to include cash balance retirement plans (Sec. 1).
- Requires interest earnings to be credited to an individual's cash balance account each year at a rate equal to the retirement system's certified rate of return minus 1 percent (Sec. 1).
- Authorizes an individual who separates from employment that covers their retirement plan to also withdraw from the cash balance plan (Sec. 1).
- Authorizes individuals who withdraw from the cash balance plan after having the plan for less than 5 years to receive a refund of his or her contributions without interest, while the retirement system will retain all interest and employer contributions (Sec 1).
- Authorizes individuals who withdraw from the cash balance plan after having the plan for 5 years or more to receive a lump-sum payment or the distribution of the total account balance in the following forms (Sec. 1):
- A single-sum transfer payment to another qualified plan; or
- A payment made directly to a conduit individual retirement account.
Legislation - Nonconcurrence Vote Passed (House) (49-43) - May 24, 2012
Legislation - Bill Passed (Senate) (23-11) - May 17, 2012
Legislation - Bill Passed (House) (55-45) - May 2, 2012
Legislation - Introduced (House) - Jan. 27, 2012
Title: Amends State Workers Pensions
