House Bill No. by Representative Bagley amends the Louisiana State Employees' Retirement System (LASERS) eligibility criteria for retirement. The proposed changes allow any member hired on or after July 1, 2006, or between January 1, 2011, and June 30, 2015, to retire with 35 years of service at any age, or with five years of service at age 60 or older. For members hired on or after July 1, 2015, the bill stipulates that they can retire with 35 years of service at any age or with five years of service at age 62 or older. The bill also maintains that any retirement benefits will be actuarially reduced if the member retires before reaching the age at which they would normally qualify for a regular retirement benefit.

Additionally, the bill specifies that employees who choose to retire under these provisions will not be eligible for the Deferred Retirement Option Plan or the Initial Benefit Option. The costs associated with the implementation of this bill will be funded through additional employer contributions, in accordance with the Louisiana Constitution. Overall, the bill aims to provide more flexible retirement options for state employees while ensuring that the financial implications are managed appropriately.

Statutes affected:
HB43 Original: 11:441(A)(2)