LA HB473

Repeals three constitutional education funds—the Education Excellence Fund, Louisiana Education Quality Trust Fund, and Louisiana Quality Education Support Fund—and transfers their liquidated fair market value to the Teachers' Retirement System of Louisiana by May 31, 2026 to pay down the system's oldest outstanding pension debt

Requires public school systems participating in TRSL to use net savings from the retirement debt payoff to fund permanent pay raises of $2,250 for certificated personnel and $1,125 for noncertificated personnel beginning in the 2026-2027 school year

Mandates the 2026-2027 Minimum Foundation Program formula include equivalent pay raises for school employees whose employers do not participate in TRSL, plus supplemental state funding for TRSL-participating systems that don't realize sufficient savings

Redirects future tobacco settlement agreement proceeds (75% annually) entirely to the TOPS Fund within the Millennium Trust, with investment earnings split 50/50 between the Health Excellence Fund and TOPS Fund

Requires voter approval at the April 18, 2026 statewide election, with an effective date of January 1, 2027 if approved