The bill amends the Louisiana Teachers' Retirement System laws to introduce significant changes to the optional retirement plan for employees in 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 to part-time, seasonal, or temporary employees who are not eligible for the regular retirement plan.

Additionally, the bill updates the board of trustees' composition to include the commissioner of higher education or their designee and revises definitions and criteria for employee classifications within the retirement system. It clarifies that individuals participating in the optional retirement plan will remain ineligible for the regular retirement plan unless specific conditions are met. Notably, it allows certain participants to make an irrevocable election to join the regular retirement plan under defined circumstances. The bill sets implementation deadlines for the optional retirement plans across various institutions and mandates that associated costs 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)