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The following is a synopsis of legislation enacted
during the 2007 session of the General Assembly having an effect on the
Legislative Retirement System (LRS) and/or its members. The laws were
effective July 1, 2007.
Act No. 23
(Senate Bill 156) – All Systems – LC 21 9499S – Balfour, Cowsert,
Hawkins, et al – Non-fiscal - Amends 47-20-10 by adding 47-20-10.1 to
authorize political subdivisions to create retiree health benefit plans
to provide for payment of covered post-employment health care expenses
for eligible present and future retirees and other related expenses for
compliance to Governmental Accounting Standards Board Statements (GASB)
43 and 45.
Act No. 43 (House
Bill 318) – Large Systems – HB318/RCSFA – Benton, Coleman, Bridges,
et al –Non-Fiscal -Amends 47-20 83 to allow a large retirement system to
invest 15% of the retirement system assets in corporations or in
obligations of corporations organized in a country other than the United
States or Canada subject to the provisions of paragraph (1) of
subsection (a) of 47-20-83. This is retirement system investment
legislation.
Act No. 61 (House
Bill 448) – ERS/LRS/GJRS – LC 21 9502S – Bridges, Maxwell –
Non-fiscal – Amends 47-2-54, 47-2-334, 47-19-10, and 47-23-29 and 30 in
compliance with GASB Statements 43 and 45 requiring two separate trust
funds be maintained by the retirement system for the group term life
insurance for eligible members of ERS, LRS, and GJRS. Effective June
30, 2007, the trust funds shall be known as the (1) “the retired and
vested inactive members trust fund” and (2) “the active members fund”.
This compliance legislation does not impact the amount of coverage for
members/retirees, such coverage being provided through contract with the
State Employees Assurance Department. |
