House Bill No. by Representative Bacala proposes significant amendments to the Teachers' Retirement System of Louisiana, particularly focusing on the Optional Retirement Plan (ORP). The bill allows individuals aged sixty or older, or those aged fifty-five with at least forty quarters of Social Security credit, to opt into the regular retirement plan. It establishes an Optional Retirement Plan Advisory Committee to oversee the ORP's implementation and administration, which includes members from various educational boards. Key changes include expanding the ORP to employees of public postsecondary education institutions, updating employer contribution requirements, and clarifying that participants in the ORP will remain ineligible for the regular retirement plan, with specific exceptions.

The bill also outlines a timeline for the ORP's implementation, mandating that all public postsecondary education institutions complete their plans by July 1, 2025. It allows participants who became eligible for the ORP on or after August 1, 2020, to elect to join the regular retirement plan within seven years of their eligibility. Additionally, the bill repeals certain existing provisions related to the ORP and specifies that costs associated with the act will be funded through additional employer contributions. Overall, these changes aim to improve the structure and administration of retirement options for employees within Louisiana's public postsecondary education system.

Statutes affected:
HB24 Original: 11:921(A), 11:924(2), 11:927(B)(2), 11:932(B)(1)