House Bill No. 30, introduced by Representative Bagley, amends the eligibility criteria for retirement within the Louisiana State Employees' Retirement System (LASERS). 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.

Furthermore, the proposed law stipulates that any costs associated with these changes will be funded through additional employer contributions, in compliance with the state constitution. The bill ensures that members who are not eligible for regular retirement immediately before the effective date of the Act will have their eligibility determined based on the new criteria as of the effective date. Overall, the bill aims to provide more flexible retirement options for state employees while maintaining the integrity of the retirement system's funding.

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