House Bill No. [insert bill number] amends the Sheriffs' Pension and Relief Fund (SPRF) regulations regarding retirement eligibility. The bill introduces a new provision under R.S. 11:2178(C)(3)(c), allowing members whose first employment making them eligible for membership in the system began on or after January 1, 2012, to opt for an actuarially reduced retirement benefit. Specifically, if a member is over 50 years old and has at least 30 years of creditable service, they may choose to receive the actuarial equivalent of the benefit they would have received had they reached age 55, instead of waiting for deferred retirement.

The bill retains existing provisions that allow members with 12 or more years of creditable service to defer retirement until they reach the minimum retirement age. It also maintains the option for members with 20 years of service to take an actuarial equivalent benefit at age 60. The proposed changes aim to provide more flexible retirement options for eligible members of the SPRF, enhancing their financial planning capabilities as they approach retirement. The bill will take effect upon the governor's signature or after the designated time for gubernatorial action.