House Bill No. 30, introduced by Representative Bagley, amends the Louisiana State Employees' Retirement System (LASERS) eligibility criteria for retirement. The bill modifies the existing law by changing the requirement for retirement eligibility from "Thirty years" to "Twenty-seven years" of service at any age for members hired on or before June 30, 2006, and for those whose first employment making them eligible for membership occurred on or before December 31, 2010. Additionally, it establishes that members hired on or after July 1, 2006, can retire with "Twenty-seven years or more of service, at any age," and introduces a new provision for members whose first employment occurred on or after July 1, 2015, allowing retirement at age sixty-two with five years of service.

The bill also retains the existing provisions for actuarially reduced retirement benefits for members with twenty years of service credit, while ensuring that any member who qualifies under the new criteria will not be eligible to participate in the Deferred Retirement Option Plan or the Initial Benefit Option. Furthermore, the bill stipulates that any costs incurred from these changes will be funded through additional employer contributions, in compliance with the state constitution. Overall, the proposed law aims to enhance retirement eligibility for state employees while maintaining fiscal responsibility.

Statutes affected:
HB30 Original: 11:441(A)(1)
HB30 Engrossed: 11:441(A)(1)
HB30 Reengrossed: 11:441(A)(1)