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 the duration of participation in the DROP shall not exceed five years; however, if employer contributions are suspended due to an interruption of employment, the participant's benefit payments will also be suspended, and their participation period will be extended by the duration of the suspension. This means that while the participation period can exceed five calendar years, it cannot exceed 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 maximum 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 overall structure of the DROP remains intact.

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