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 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 hired between December 31, 2010, and June 30, 2015, are eligible for retirement with "Twenty-seven years or more of service, at any age." The bill also retains provisions for actuarially reduced retirement benefits for members with 20 years of service.

The proposed law ensures that any member, regardless of their date of first employment or age, can retire without actuarial reduction if they have 27 years of service. It also maintains the existing requirement that members who opt for an actuarially reduced retirement benefit cannot participate in the Deferred Retirement Option Plan. Furthermore, the bill stipulates that any costs associated with these changes will be funded through additional employer contributions, in compliance with the state constitution.

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