House Bill No. [insert number] amends several sections of the Louisiana Revised Statutes concerning the Municipal Police Employees' Retirement System. A significant change is the new definition of "earnable compensation," which will exclude nonrecurring lump-sum payments and ad hoc bonuses starting July 1, 2026. The bill also introduces survivor benefits for families of officers killed in the line of duty, allowing eligible beneficiaries to apply for benefits regardless of the officer's enrollment status in the retirement system at the time of death. Additionally, it outlines the process for purchasing service credit for members with prior law enforcement experience and establishes new rules for the Deferred Retirement Option Plan (DROP), including investment and interest provisions.

Moreover, the bill modifies funding deposit account regulations, enabling the board of trustees to set contribution rates for specific fiscal years and manage excess contributions. It includes provisions for transferring certain employees from the Louisiana State Employees' Retirement System to the Municipal Police Employees' Retirement System, and it establishes new retirement benefit calculations and contribution rates. Notably, for fiscal years ending on or before June 30, 2028, excess contributions will be used to reduce outstanding balances or pay additional benefits, while for fiscal years beginning on or after July 1, 2028, they will be credited solely for additional benefits. The bill also mandates a transition for certain members to the Municipal Police Employees' Retirement System starting January 1, 2027, and clarifies that there will be no reimbursement claims for amounts deducted from nonrecurring payments or bonuses prior to the bill's effective date. The legislation will take effect upon the governor's signature or after the designated period for bills to become law without a signature.

Statutes affected:
HB45 Original: 11:2221(N), 11:5(A)
HB45 Engrossed: 11:2213(10), 11:2221(N), 11:5(B)(1), 11:5(A)
HB45 Reengrossed: 11:2213(10), 11:2221(N), 11:5(B)(1), 11:5(A)
HB45 Enrolled: 11:2213(10), 11:2221(N), 11:5(B)(1), 11:5(A)