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 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 under certain conditions, including deadlines for making such elections. It specifies that contributions to the optional retirement plan will cease upon the election to join the regular plan, and outlines how prior service in the regular plan will be treated for benefit calculations. The bill is set to take effect on June 30, 2024, contingent upon legislative approval if vetoed by the governor.

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