This bill amends and reenacts several sections of the Louisiana Revised Statutes related to the Firefighters' Retirement System, specifically addressing the administration and benefits of the system. Key provisions include the exemption of certain disability retirees from required reports and benefits reduction, as well as the refund of employee contributions. Notably, the bill allows disability retirees of the Firefighters' Retirement System who have reached the age of sixty-two to retain their benefits without reduction due to earned income. Additionally, it establishes new regulations regarding the Deferred Retirement Option Plan (DROP), including a provision for members with at least twenty-eight years of service credit to extend their participation period to five years.

The bill also introduces a self-directed investment account for DROP participants, allowing them to manage their investments through a third-party provider. This account will offer various investment options, including a stable value fund, while placing the responsibility for compliance with federal laws on the participant and the provider. Furthermore, the bill stipulates that if an employer fails to report employee compensation accurately or pay the correct retirement contributions, the retirement system can recover all associated actuarial costs. Overall, the legislation 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)