The bill amends the Louisiana Teachers' Retirement System laws to introduce significant changes to the optional retirement plan for employees of public postsecondary education institutions. Key changes include making membership optional for individuals aged 60 and older, or those aged 55 with at least 40 quarters of Social Security credit at their first employment. The bill establishes an Optional Retirement Plan Advisory Committee and modifies employer contribution criteria, allowing boards to set contributions above the minimum required. It also expands eligibility for the optional retirement plan and outlines the process for transferring from the optional plan to the regular retirement plan.

Additionally, the bill specifies that participants in the optional retirement plan will remain ineligible for the regular retirement plan unless they transition to a non-covered position. It allows certain participants employed before July 31, 2020, to make an irrevocable election to join the regular retirement plan if they take on a qualifying position after July 1, 2024. The bill also sets a timeline for implementing optional retirement plans across public postsecondary institutions, with deadlines extending to July 1, 2025. It repeals specific existing provisions and states that costs incurred will be funded through additional employer contributions, with the act taking effect on July 1, 2025.

Statutes affected:
HB24 Original: 11:921(A), 11:924(2), 11:927(B)(2), 11:932(B)(1)
HB24 Engrossed: 11:921(A), 11:924(2), 11:927(B)(2), 11:932(B)
HB24 Reengrossed: 11:921(A), 11:924(2), 11:927(B)(2), 11:932(B)
HB24 Re-Reengrossed: 11:924(2), 11:927(B)(2), 11:932(B)
HB24 Enrolled: 11:924(2), 11:927(B)(2), 11:932(B)
HB24 Act : 11:924(2), 11:927(B)(2), 11:932(B)