House Bill No. 30, introduced by Representative Bagley, amends the Louisiana State Employees' Retirement System (LASERS) eligibility criteria for retirement. The bill modifies existing law by changing the requirement for retirement eligibility from "thirty years" of service to "twenty-seven years" 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, and certain state officials can retire with "twenty-seven years" of service at any age, or with five years of service at age sixty or thereafter. The bill also retains provisions for actuarially reduced retirement benefits for members with twenty years of service.

The proposed law ensures that any costs associated with these changes will be funded through additional employer contributions, in compliance with the state constitution. It clarifies that members who opt for an actuarially reduced retirement benefit will not be eligible to participate in the Deferred Retirement Option Plan or the Initial Benefit Option. Overall, the bill aims to provide more flexible retirement options 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)