A bill that would close three of Louisiana's state defined benefit plans to new employees and create a cash balance plan for them will be renegotiated by a conference committee after the state House rejected amendments previously passed by the state Senate.
The bill in its current form would apply to employees hired after July 1, 2013, and affects the $13.7 billion Louisiana Teachers' Retirement System, the $9.3 billion Louisiana State Employees' Retirement System, and the $1.4 billion Louisiana School Employees' Retirement System, all of Baton Rouge. The bill exempts K-12 employees, according to Louisiana state Senate communications director Brenda Hodge.
The bill, originally introduced in the House, was approved in the Senate with amendments on May 17 and sent back to the House.
The House on May 24 voted 49-43 for the Senate version, falling short of the required majority of 53.
Phone calls to Rep. J. Kevin Pearson, sponsor of the bill, and Annette LaGrange, his legislative aide, were not returned by press time. Sen. Elbert L. Guillory, Senate sponsor of the bill, said he expects everything to be able to wrap up by June 4, the date the Legislature adjourns.