House Bill No. 19 seeks to amend the Firefighters' Retirement System (FRS) in Louisiana, specifically addressing the Deferred Retirement Option Plan (DROP) and benefits for disability retirees. The bill introduces provisions that exempt FRS disability retirees aged 62 and older from benefit reductions based on earned income, aligning their treatment with that of the Municipal Police Employees' Retirement System. It also modifies the refund process for employee contributions, stipulating that refunds will not be issued sooner than 30 days after termination and will be without interest, while maintaining employer contributions. Additionally, the bill revises DROP participation rules, allowing members with at least 28 years of service to extend their participation to a maximum of five years starting January 1, 2026, and establishes a self-directed investment program for DROP accounts.

Furthermore, the bill includes a provision that allows the retirement system to recover actuarial costs if an employer fails to accurately report employee contributions or remit the correct amounts. This amendment modifies existing statutes and introduces new provisions under R.S. 11:2257(L), 2257.1, and 2260(A)(9)(b)(v). The House amendments also adjust the timeline for employer contributions to DROP accounts, moving the start date for both employer contributions and participant selection of the five-year participation period from April 1, 2026, to January 1, 2026. Overall, the legislation aims to enhance the administration and benefits of the FRS while providing greater 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)