House Bill No. by Representative Wilder amends the Teachers' Retirement System of Louisiana to allow members to designate a child or children with a permanent mental or physical disability as beneficiaries. The bill introduces a new option (Option 5) for members to allocate benefits to these children, provided that the benefits, along with the member's reduced retirement allowance, are certified by the actuary as equivalent in value to the member's retirement allowance and approved by the board of trustees. Additionally, if a member chooses to nominate a child with a disability, a medical determination of the disability must be conducted close to the member's retirement date.

Furthermore, the bill stipulates that if a member does not allocate at least half of their reduced benefit to the designated child or children, the cost of the medical determination will be deducted from the member's retirement benefits. The funding for any costs associated with this bill will come from additional employer contributions, in accordance with the Louisiana Constitution. The existing law regarding irrevocable elections for retirement benefits remains intact, while the new provisions aim to provide support for members with disabled children.

Statutes affected:
HB14 Original: 11:783(A)(2)