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 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 calculating the monthly fees associated with the optional retirement plan, detailing the participant's and employer's shares 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 of the Teachers' Retirement System, with specific deadlines for making such elections based on their employment dates. It stipulates that contributions to the optional retirement plan will cease upon making this 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 benefit calculations 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)