Bill > HB43

This bill amends the Louisiana State Employees' Retirement System (LASERS) to modify retirement eligibility requirements for members hired on or after July 1, 2006, and specifically for certain state officials and members hired between January 1, 2011, and June 30, 2015, and those hired on or after July 1, 2015. For those hired on or after July 1, 2006, the bill adds an option to retire with 35 years of service at any age, in addition to the existing options of 5 years of service at age 60 or older, or 20 years of service at any age with an actuarially reduced benefit. Similar changes are made for members hired between January 1, 2011, and June 30, 2015, and for those hired on or after July 1, 2015, with the latter group now requiring age 62 or older for the 5 years of service retirement option. Importantly, individuals retiring under the 20 years of service provision, regardless of hire date, will have their benefits actuarially reduced and will not be eligible for the Deferred Retirement Option Plan (DROP) or the Initial Benefit Option. The bill also clarifies that the cost of these changes will be covered by additional employer contributions.