This bill amends and reenacts certain provisions of the Teachers' Retirement System of Louisiana, specifically R.S. 11:927(A), and enacts new sections R.S. 11:927(B)(4) and (F), 929(B)(2)(d), and 932. Key changes include the introduction of a requirement for employers to contribute to the Teachers' Retirement System on behalf of participants in the optional retirement plan, specifically to cover administrative fees starting July 1, 2026. The bill also establishes a framework for determining the monthly fees for participants, which will be based on a percentage of their earnable compensation, with specific limits on the participant's share of these fees.

Additionally, the bill allows active participants in the optional retirement plan to make an irrevocable election to join the regular retirement plan under certain conditions, including deadlines for making such elections. It specifies that contributions to the optional retirement plan will cease upon making the election, and participants will begin accruing benefits in the regular retirement plan. The bill also clarifies that any prior service in the regular retirement plan will only be used for calculating benefits and not for eligibility purposes. The act is set to become effective on June 30, 2024.

Statutes affected:
HB31 Engrossed: 11:927(A)
HB31 Reengrossed: 11:927(A)
HB31 Enrolled: 11:927(A)
HB31 Act 109: 11:927(A)