This bill amends and reenacts several provisions of the Louisiana Revised Statutes related to the Firefighters' Retirement System, specifically addressing the administration and benefits of the system. Key changes include the exemption of certain disability retirees from required reports and benefits reduction, allowing disability retirees of the Firefighters' Retirement System who are over the age of sixty-two to retain their benefits without reduction due to earned income. Additionally, the bill introduces a new provision for the refund of employee contributions and modifies the participation period and contribution requirements for the Deferred Retirement Option Plan (DROP).

Furthermore, the bill establishes a self-directed investment account for DROP participants, allowing them to manage their investments through a third-party provider. It outlines the responsibilities of both the participant and the provider, including compliance with federal law and the waiver of certain rights related to interest earned on the account. The legislation also includes a provision for the recovery of actuarial costs by the retirement system if an employer fails to report employee compensation accurately or pay the correct retirement contributions. Overall, the bill aims to enhance the benefits and administrative processes of the Firefighters' Retirement System while providing more flexibility for its members.

Statutes affected:
HB19 Original: 11:221(A)(2), 11:2256(E)(1), 11:2257(A)
HB19 Engrossed: 11:221(A)(2), 11:2256(E)(1), 11:2257(A)
HB19 Reengrossed: 11:221(A)(2), 11:2256(E)(1), 11:2257(A)
HB19 Enrolled: 11:221(A)(2), 11:2256(E)(1), 11:2257(A)
HB19 Act : 11:221(A)(2), 11:2256(E)(1), 11:2257(A)