This bill amends R.S. 11:2221(C) concerning the Municipal Police Employees' Retirement System, specifically addressing the Deferred Retirement Option Plan (DROP). The legislation stipulates that while the standard duration of participation in the DROP is capped at five years, it allows for an extension of this period under certain conditions. If employer contributions are suspended due to an interruption of employment, the participant's benefit payments will also be suspended, and their participation period can be extended by the number of months that payments were halted, with a maximum of sixty nonconsecutive months.

Additionally, the bill introduces provisions for participants who began their DROP participation on or before June 30, 2024, and initially elected a three-year participation period. These individuals may opt to extend their participation to a total of five years, provided they notify the board of trustees in writing by a specified deadline. The bill aims to provide greater flexibility for members of the retirement system while ensuring that the rules governing participation are clear and structured.

Statutes affected:
HB17 Original: 11:2221(C)
HB17 Engrossed: 11:2221(C)
HB17 Enrolled: 11:2221(C)
HB17 Act : 11:2221(C)