House Bill No. by Representative Bagley amends the Louisiana State Employees' Retirement System (LASERS) to modify retirement eligibility criteria. The bill introduces a new provision allowing any member hired on or after July 1, 2006, or between January 1, 2011, and June 30, 2015, to retire with thirty years of service at any age. Additionally, it maintains the existing eligibility options of five years of service at age sixty or thereafter, and twenty years of service credit at any age, with the latter option subject to an actuarial reduction in benefits. The bill also specifies that members hired on or after July 1, 2015, can retire with thirty years of service at any age or five years of service at age sixty-two or thereafter.

The proposed law further stipulates that any costs associated with these changes must be funded through additional employer contributions, in accordance with the Louisiana Constitution. The amendments aim to provide greater flexibility in retirement options for state employees while ensuring that the financial implications are addressed through increased employer funding.

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