House Bill No. by Representative Bagley amends the Louisiana State Employees' Retirement System (LASERS) eligibility criteria for retirement. The proposed changes allow any member hired on or after July 1, 2006, and certain state officials hired between December 31, 2010, and July 1, 2015, to retire with thirty years of service at any age. Additionally, members hired on or after July 1, 2015, can also retire with thirty years of service, but the age requirement for five years of service is adjusted to age sixty-two or thereafter. The bill maintains that members retiring under these provisions will have their benefits actuarially reduced if they retire before reaching the age at which they would normally qualify for a regular retirement benefit.

The bill also specifies that any costs associated with these changes will be funded through additional employer contributions, in accordance with the Louisiana Constitution. The amendments to R.S. 11:441(A)(2) reflect these new eligibility criteria while ensuring that members who choose to retire early will not be eligible for certain retirement options, such as the Deferred Retirement Option Plan or the Initial Benefit Option.

Statutes affected:
HB9 Original: 11:441(A)(2)