This bill amends the Louisiana Teachers' Retirement System laws to introduce significant changes to the optional retirement plan for educators. It allows individuals aged 60 and older, or those aged 55 with at least 40 quarters of Social Security credit, to participate in the regular retirement plan. The bill establishes an Optional Retirement Plan Advisory Committee and modifies the board of trustees' composition to include the commissioner of higher education or their designee. It also expands eligibility for the optional retirement plan to more employees from public postsecondary education institutions and outlines the process for transferring from the optional retirement plan to the regular retirement plan.

Additionally, the bill revises employer contribution requirements, permitting boards to set contribution amounts above the minimum required and specifies deadlines for submission. It repeals certain provisions related to the optional retirement plan and clarifies that individuals who elect to participate in the optional retirement plan will remain ineligible for the regular retirement plan unless they meet specific conditions. Notably, participants whose first employment making them eligible for the optional retirement plan occurred on or before July 31, 2020, can make an irrevocable election to join the regular retirement plan if they are employed in a qualifying position after July 1, 2024. The bill also establishes a timeline for implementing optional retirement plans across public postsecondary education institutions, with an effective date set for 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)