Key Votes

HB 61 - Amends State Workers Pensions - Key Vote

Louisiana Key Votes

Joe Harrison voted Nay (Conference Report Vote) on this legislation.

Read recent statements Joe Harrison made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Amends State Workers Pensions

Signed by Governor Bobby Jindal
Legislation - Conference Report Adopted (House) (68-36) - (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.
See The Voting Record

Legislation - Conference Report Adopted (Senate) (26-8) - (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.
See The Voting Record

Legislation - Nonconcurrence Vote Passed (House) (49-43) -
Legislation - Bill Passed (Senate) (23-11) -
Legislation - Bill Passed (House) (55-45) -
Legislation - Introduced (House) -

Title: Amends State Workers Pensions

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