HLS 10RS-559 ORIGINAL
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Regular Session, 2010
HOUSE BILL NO. 1103
BY REPRESENTATIVE TUCKER
RETIREMENT/STATE SYSTEMS: Relative to state retirement systems, makes changes
to the benefits of persons hired on or after July 1, 2010
AN ACT1
To amend and reenact R.S. 11:62(4), (5), and (10), 231, 403(5), 701(5)(a) and (b),2
761(A)(3), 768(B)(2), 1141(A) and (C)(1)(a), 1144(B)(2)(a) and (3), and 1310(A)3
and to enact R.S. 11:761(A)(4) and 1144(B)(4), relative to the Louisiana State4
Employees' Retirement System, the Teachers' Retirement System of Louisiana, the5
State Police Pension and Retirement System, and the Louisiana School Employees'6
Retirement System; to provide relative to employee contributions, benefit7
calculation, and retirement eligibility for members of such systems newly hired after8
a certain date; to provide an effective date; and to provide for related matters.9
Notice of intention to introduce this Act has been published10
as provided by Article X, Section 29(C) of the Constitution11
of Louisiana.12
Be it enacted by the Legislature of Louisiana:13
Section 1. R.S. 11:62(4), (5), and (10), 231, 403(5), 701(5)(a) and (b), 761(A)(3),14
768(B)(2), 1141(A) and (C)(1)(a), 1144(B)(2)(a) and (3), and 1310(A) are hereby amended15
and reenacted and R.S. 11:761(A)(4) and 1144(B)(4) are hereby enacted to read as follows:16
§62. Employee contribution rates established17
Employee contributions to state and statewide public retirement systems shall18
be paid at the following rates:19
* * *20 HLS 10RS-559 ORIGINAL
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(4) Louisiana School Employees' Retirement System - 7.5% :1
(a) Employed on or before June 30, 2010 - 7.5%2
(b) Employed on or after July 1, 2010 - 8%3
(5) Louisiana State Employees' Retirement System:4
(a) Judges, court officers, the governor, lieutenant governor and legislators5
- 11.5%. :6
(i) Employed on or before June 30, 2010 - 11.5%7
(ii) Employed on or after July 1, 2010 - 12%8
(b) Public safety service employees referred to as "member" or "members"9
in R.S. 11:601(B); peace officers employed by the Department of Public Safety and10
Corrections, office of state police, other than state troopers, as provided in R.S.11
11:444(A)(2)(b); and personnel employed by the Department of Revenue, office of12
alcohol and tobacco control, as provided in R.S. 11:444(A)(2)(c) - 9%. :13
(i) Employed on or before June 30, 2010 - 9%14
(ii) Employed on or after July 1, 2010 - 9.5%15
(c) Clerk of the House and Secretary of the Senate - 9.5%. :16
(i) Employed on or before June 30, 2010 - 9.5%17
(ii) Employed on or after July 1, 2010 - 10%18
(d) Wildlife Agents - 9.5%. :19
(i) Employed on or before June 30, 2010 - 9.5%20
(ii) Employed on or after July 1, 2010 - 10%21
(e) All others:22
(i) Employed on or before June 30, 2006 - 7.5%23
(ii) Employed on or after July 1, 2006 - 8%24
(f) Bridge Police - 8.5% for those employees who are eligible for the benefit25
provided by R.S. 11:441(F) . :26
(i) Employed on or before June 30, 2010 - 8.5%27
(ii) Employed on or after July 1, 2010 - 9%28
* * *29 HLS 10RS-559 ORIGINAL
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(10) State Police Pension and Retirement System – 8.5%. :1
(a) Employed on or before June 30, 2010 - 8.5%2
(b) Employed on or after July 1, 2010 - 9%3
* * *4
§231. Average compensation5
A. Notwithstanding any other provisions of law to the contrary, the6
provisions of this Section shall be applicable, unless specifically exempted in7
Subsection C below, to all members of the following public retirement systems:8
(1) Louisiana State Employees' Retirement System.9
(2) State Police Pension and Retirement System.10
(4)(1) Assessors' Retirement Fund.11
(5)(2) Clerks' of Court Retirement and Relief Fund.12
(6)(3) District Attorneys' Retirement System.13
(7)(4) Municipal Employees' Retirement System of Louisiana.14
(9)(5) Registrars of Voters Employees' Retirement System.15
(10)(6) Sheriffs' Pension and Relief Fund.16
(11)(7) Municipal Police Employees' Retirement System.17
B. For purposes of retirement benefit computation, average compensation,18
or its equivalent, shall be based on the thirty-six highest successive months of19
employment, or on the highest thirty-six successive joined months of employment20
where interruption of service occurred. The earnings to be considered for the21
thirteenth through the twenty-fourth month shall not exceed one hundred and22
twenty-five percent of the earnings of the first through the twelfth month. The23
earnings to be considered for the final twelve months shall not exceed one hundred24
and twenty-five percent of the earnings of the thirteenth through the twenty-fourth25
month. Nothing herein, however, shall change the method of determining the26
amount of earned compensation received.27
C.(1) This Section shall not apply to members of the State Police Pension28
and Retirement System who become members on or before September 8, 1978, but29 HLS 10RS-559 ORIGINAL
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it shall apply to all persons who become members of the State Police Pension and1
Retirement System on or after September 9, 1978.2
(2) This Section shall not apply to members of the Louisiana State3
Employees' Retirement System whose first employment making them eligible for4
system membership began on or after July 1, 2006, or to any person who receives an5
additional benefit pursuant to R.S. 11:557, 582, or 602 or R.S. 24:36.6
(3) This Section shall not apply to members of the following retirement7
systems whose first employment making them eligible for system membership began8
on or after July 1, 2006:9
(a) Clerks' of Court Retirement and Relief Fund.10
(b) Municipal Employees' Retirement System.11
(c) Registrars of Voters Employees' Retirement System.12
(d) Sheriffs' Pension and Relief Fund.13
(4)(2) This Section shall not apply to members of the Parochial Employees'14
Retirement System whose first employment making them eligible for system15
membership began on or after January 1, 2007.16
(5)(3) This Section shall not apply to members of the Assessors' Retirement17
Fund whose first employment making them eligible for system membership began18
on or after October 1, 2006.19
(6) This Section shall not apply to members of the Louisiana School20
Employees' Retirement System whose first employment making them eligible for21
system membership began on or after July 1, 2006.22
* * *23
§403. Definitions24
The following words and phrases used in this Chapter shall have the25
following meanings, unless a different meaning is clearly required by the context:26
* * *27
(5)(a)(i) "Average compensation", for a member whose first employment28
making him eligible for membership in the system began on or before June 30, 2006,29 HLS 10RS-559 ORIGINAL
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and for any person who receives an additional benefit pursuant to R.S.1
11:444(A)(2)(b) or (c), 557, 582, or 602 or R.S. 24:36 whose first employm ent2
making him eligible for receiving such additional benefit began on or before June 30,3
2010, means the average annual earned compensation of a state employee for the4
thirty-six highest months of successive employment, or for the highest thirty-six5
successive joined months of employment where interruption of service occurred;6
however, average compensation for part-time employees who do not use thirty-six7
months of full-time employment for average compensation purposes shall be based8
on the base pay the part-time employee would have received had he been employed9
on a full-time basis.10
(ii) The earnings to be considered for the thirteenth through the11
twenty-fourth month shall not exceed one hundred and twenty-five percent of the12
earnings of the first through the twelfth month. The earnings to be considered for the13
final twelve months shall not exceed one hundred and twenty-five percent of the14
earnings of the thirteenth through the twenty-fourth month. Nothing in this Item,15
however, shall change the method of determining the amount of earned16
compensation received.17
(b)(i) "Average compensation", for a any person who receives an additional18
benefit pursuant to R.S. 11:444(A)(2)(b) or (c), 557, 582, or 602 or R.S. 24:36 whose19
first employment making him eligible for receiving such additional benefit began on20
or after July 1,2010, and for any other member whose first employment making him21
eligible for membership in the system began on or after July 1, 2006, and subject to22
the limitations provided in this Subparagraph, means the average annual earned23
compensation of a state employee for the sixty highest months of successive24
employment or for the highest sixty successive joined months of employment where25
interruption of service occurred; however, average compensation for part-time26
employees who do not use sixty months of full-time employment for average27
compensation purposes shall be based on the base pay the part-time employee would28
have received had he been employed on a full-time basis.29 HLS 10RS-559 ORIGINAL
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(ii) The earnings to be considered for persons to whom Item (i) of this1
Subparagraph applies for the thirteenth through the twenty-fourth month shall not2
exceed one hundred fifteen percent of the earnings of the first through the twelfth3
month. The earnings to be considered for the twenty-fifth through the thirty-sixth4
month shall not exceed one hundred fifteen percent of the earnings of the thirteenth5
through the twenty-fourth month. The earnings to be considered for the thirty-6
seventh through the forty-eighth month shall not exceed one hundred fifteen percent7
of the earnings of the twenty-fifth through the thirty-sixth month. The earnings for8
the final twelve months shall not exceed one hundred fifteen percent of the earnings9
of the thirty-seventh through the forty-eighth month. The limitations on the10
computation of average compensation contained in this Item shall not apply to any11
twelve-month period during which compensation increased by more than fifteen12
percent over the previous twelve-month period solely because of an increase in13
compensation by a uniform systemwide increase adopted by the state Department of14
Civil Service and approved by the governor or because of a pay adjustment enacted15
by the legislature.16
(iii) The provisions of this Subparagraph shall not apply to any person who17
receives an additional benefit pursuant to R.S. 11:444(A)(2)(b) or (c), 557, 582, or18
602 or R.S. 24:36.19
* * *20
§701. Definitions21
As used in this Chapter, the following words and phrases have the meaning22
ascribed to them in this Section unless a different meaning is plainly required by the23
context:24
* * *25
(5)(a) "Average compensation" subject to the other provisions of this26
Paragraph, for any teacher whose first employment making him eligible for27
membership occurred on or before June 30, 2010, means the average earnable28
compensation of a teacher for the three highest successive years of employment, or29 HLS 10RS-559 ORIGINAL
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the highest three successive joined years of employment where interruption of1
service occurred. For any teacher whose first employment making him eligible for2
membership occurred on or after July 1, 2010, average compensation means his3
average earnable compensation for the five highest successive years of employment,4
or the highest five successive joined years where interruption of service occurred.5
The computation of such average compensation shall be in accordance with the6
following guidelines:7
(i) The amount for the first through the twelfth month shall not exceed the8
compensation for the immediately preceding twelve months by more than ten9
percent.10
(ii) The amount for the thirteenth through the twenty-fourth month shall not11
exceed the lesser of the maximum allowable compensation amount or the actual12
compensation amount for the first through twelfth month by more than ten percent.13
(iii) The amount for the twenty-fifth through the thirty-sixth month shall not14
exceed the lesser of the maximum allowable compensation amount or the actual15
compensation amount for the thirteenth through twenty-fourth month by more than16
ten percent.17
(iv) The amount for the thirty-seventh through the forty-eighth month shall18
not exceed the lesser of the maximum allowable compensation amount or the actual19
compensation amount for the twenty-fifth through the thirty-sixth month by more20
than ten percent.21
(v) The amount for the final twelve months shall not exceed the lesser of the22
maximum allowable compensation amount or the actual compensation amount for23
the thirty-seventh through the forty-eighth month.24
(b) The thirty-six or sixty months used for average compensation, as25
applicable, cannot cover a period when the member receives more than three years26
or five years of service credit respectively.27
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§761. Retirement benefits; application; eligibility requirements; effective date;1
cancellation; errors and omissions2
A.3
* * *4
(3) Any person who became a member on or after July 1,2010, may retire5
upon written application to the board of trustees, if both of the following are true of6
the member at the time of application:7
(a) He has attained the age of sixty years.8
(b) He has credit for ten years of accredited service.9
(4)(a) A properly executed application for retirement shall be considered as10
officially filed when received by the board of trustees of this system. Retirement11
benefits shall become effective as of the date a properly executed application for12
retirement is received by the board of trustees of this system or the day after the13
member terminates from teaching service, whichever is later.14
(b) A member may cancel his application for retirement only prior to15
negotiating, cashing, or depositing any benefit check including an estimated benefit16
check.17
* * *18
§768. Retirement allowances19
* * *20
B.21
* * *22
(2) Notwithstanding the provisions of Paragraph (1) of this Subsection,23
any person who became a member on or after July 1, 1999, but on or before24
June 30, 2010, having twenty years of service credit, exclusive of military25
service and unused annual and sick leave, but who is less than sixty years of26
age, may retire but he shall have his maximum benefit inclusive of military27
service credit and allowable unused annual and sick leave actuarially reduced28
from the earlier of the following:29 HLS 10RS-559 ORIGINAL
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(a) The date he would reach sixty years of age.1
(b) The earliest age that he would first become eligible for a retirement2
benefit as provided in Paragraph (A)(2) of this Section, if he had continued in3
service to that age and without regard to the date he became a member.4
* * *5
§1141. Retirement benefits; application; eligibility requirements; effective date;6
cancellation7
A. Any member , whose first employment making him eligible for system8
membership occurred on or before June 30, 2010, may retire upon written9
application to the board of trustees, if the member at the time of application has10
attained the age of sixty years and has credit for ten years of accredited service or has11
attained the age of fifty-five years and has credit for twenty-five or more years of12
accredited service or at any age with thirty or more years of accredited service. Any13
member whose first employment making him eligible for system membership14
occurred on or after July 1, 2010, may retire upon written application to the board15
of trustees, if the member at the time of application has attained the age of sixty16
years and has credit for ten years of accredited service. An application for retirement17
shall be officially filed with the board when received in the office of the director.18
Retirement benefits shall become effective as of the date an application for19
retirement is filed in the office of the director or the day after the member terminates20
from service, whichever is later. A member may only cancel his application for21
retirement prior to negotiating, cashing, or depositing any benefit check including22
an estimated benefit check.23
* * *24
C.(1)(a) Notwithstanding the provisions of Subsection A of this Section, any25
member, whose first employment making him eligible for system membership26
occurred on or before June 30, 2010, shall be eligible for retirement if he has twenty27
years of service credit at any age, exclusive of military service and unused annual28
and sick leave, but any person retiring under this Subsection shall have his benefit29 HLS 10RS-559 ORIGINAL
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inclusive of military service credit and allowable unused annual and sick leave1
actuarially reduced from the earliest age that he would normally become eligible for2
a regular retirement benefit pursuant to Subsection A of this Section if he had3
continued in service to that age.4
* * *5
§1144. Retirement allowance; regular, minimum, and supplemental6
* * *7
B. Minimum allowance. 8
* * *9
(2)(a) The provisions of this Paragraph shall apply to any member who10
retires on or after July 1, 2001, but shall not apply to any member to whom11
Paragraph (4) of this Subsection is applicable.12
* * *13
(3) In the event that the funded status of this system should fall below one14
hundred percent, the employee contribution rate shall be increased in an amount15
sufficient to fund any cost to the system resulting from the application of the benefit16
accrual rates provided for in this Subsection Paragraphs (1) and (2) of this17
Subsection, with the loss being amortized in accordance with the provisions of R.S.18
11:102(B)(3)(d)(i).19
(4) The provisions of this Paragraph shall apply to any member whose first20
employment making him eligible for membership in the system occurred on or after21
July 1, 2010. The minimum allowance for such members shall be no less than an22
amount which provides a total allowance equal to two and one-half percent23
multiplied by the total years of accredited service and multiplied by the average24
compensation for such person as provided in R.S. 11:1002(6)(b).25
* * *26
§1310. Average salary; method of determining 27
A.(1) With respect to persons employed prior to September 8, 1978, the term28
"average salary" as used in this Chapter for the purpose of determining pension29 HLS 10RS-559 ORIGINAL
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payments and retirement is the average salary including any additional pay or salary1
provided by the legislature over and above that set by the Civil Service Commission,2
received for the year ending on the last day of the month immediately preceding the3
date of retirement or date of death or for any one-ye ar period, whichever is the4
greatest. For the purposes of computation, "average salary" shall not include5
overtime, expenses expenses, or clothing allowances.6
(2)(a) With respect to persons becoming employed on and after September7
8, 1978, term "average salary" as used in this Chapter for the purpose of determining8
pension payments and retirement is the average salary including any additional pay9
or salary provided by the legislature over and above that set by the Civil Service10
Commission, received for the thirty-six month period ending on the last day of the11
month immediately preceding the date of retirement or date of death or for any12
thirty-six consecutive months, whichever is the greatest. For the purposes of13
computation, "average salary" shall not include overtime, expenses expenses, or14
clothing allowances.15
(b) The earnings to be considered for the thirteenth through the twenty-fourth16
month shall not exceed one hundred and twenty-five percent of the earnings of the17
first through the twelfth month. The earnings to be considered for the final twelve18
months shall not exceed one hundred and twenty-five percent of the earnings of the19
thirteenth through the twenty-fourth month. Nothing in this Subparagraph, however,20
shall change the method of determining the amount of earned compensation21
received.22
(3)(a) With respect to persons becoming employed on and after July 1, 2010,23
the term "average salary" as used in this Chapter for the purpose of determining24
pension payments and retirement is the average salary including any additional pay25
or salary provided by the legislature over and above that set by the Civil Service26
Commission, received for the highest sixty consecutive months. For the purposes27
of computation, "average salary" shall not include overtime, expenses, or clothing28
allowances.29 HLS 10RS-559 ORIGINAL
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(b) The earnings to be considered for the thirteenth through the twenty-fourth1
month shall not exceed one hundred and fifteen percent of the earnings of the first2
through the twelfth month. The earnings to be considered for the twenty-fifth3
through the thirty-sixth month shall not exceed one hundred and fifteen percent of4
the earnings of the thirteenth through the twenty-fourth month . The earnings to be5
considered for the thirty-seventh through the forty-eighth month shall not exceed one6
hundred and fifteen percent of the earnings for the twenty-fifth through the thirty-7
sixth month. The earnings to be considered for the final twelve months shall not8
exceed one hundred and fifteen percent of the earnings for the thirty-seventh through9
the forty-eighth month.10
* * *11
Section 2. This Act shall become effective on July 1, 2010; if vetoed by the governor12
and subsequently approved by the legislature, this Act shall become effective on July 1,13
2010, or on the day following such approval by the legislature, whichever is later.14
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Tucker HB No. 1103
Abstract: For members hired on or after July 1, 2010, changes the benefit structure and
employee contribution rates for the four state retirement systems: the La. State
Employees' Retirement System (LASERS), the Teachers' Retirement System of La.
(TRSL), the State Police Pension and Retirement System (LSPRS), and the La.
School Employees' Retirement System (LSERS).
EMPLOYEE CONTRIBUTIONS
I. La. State Employees' Retirement System (LASERS)
Present law establishes the employee contribution rates for members of LASERS in the
following amounts:
(1)Rank-and-file state employees - 7.5% if hired on or before June 30, 2006; 8% if
hired on or after July 1, 2006.
(2)Judges, court officers, the governor, lieutenant governor and certain legislators -
11.5%.
(3)Certain correctional employees employe d by the Dept. of Public Safety and
Corrections; peace officers employed by the Dept. of Public Safety and Corrections, HLS 10RS-559 ORIGINAL
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office of state police, other than state troopers; and personnel employed by the Dept.
of Revenue, office of alcohol and tobacco control, as provided in R.S.
11:444(A)(2)(c) - 9%.
(4)Clerk of the House and Secretary of the Senate - 9.5%.
(5)Wildlife Agents - 9.5%.
(6)Bridge police of the Crescent City Connection Division of the Dept. of
Transportation and Development - 8.5%.
Proposed law increases the employee contribution rate for LASERS members employed on
or after July 1, 2010, by one-half of one percent (.5%), except for rank-and-file state
employees.
II.Teachers' Retirement System of La. (TRSL)
Present law establishes the employee contribution rates for members of TRSL at 8% for
regular members.
Proposed law retains present law
III.State Police Pension and Retirement System (LSPRS)
Present law establishes the employee contribution rates for members of LSPRS at 8.5%.
Proposed law increases the employee contribution rate for LSPRS members employed on
or after July 1, 2010, to 9%.
IV.La. School Employees' Retirement System (LSERS)
Present law establishes the employee contribution rates for members of LSERS at 7.5%.
Proposed law increases the employee contribution rate for LSERS members employed on
or after July 1, 2010, to 8%.
AVERAGE COMPENSATI ON
I. LASERS
Present law provides that, for purposes of retirement benefit computation, average
compensation of a LASERS rank-and-file member hired on or before June 30, 2006, shall
be based on the 36 highest successive months of employment or on the highest 36 successive
joined months of employment where interruption of service occurred. The earnings to be
considered for the first, second, and last 12-month period shall not increase by more than
25% ('anti-spiking' provisions).
Present law provides the same 36-month average compensation provisions apply to certain
persons, regardless of hire date, who receive an additional benefit pursuant to present law
(certain peace officers, legislators who were members on Jan. 1, 1997, governor, lieutenant
governor, the clerk and sergeant-at-arms of the House of Representatives, the secretary and
the sergeant-at-arms of the Senate, wildlife agents, public safety services employees, judicial
administrators, and judges).
Present law provides that, for any rank-and-file member hired on or after July 1, 2006,
average compensation shall be calculated over a 60-month period, and the anti-spiking
provisions prohibit an increase in earnings over 15% each year of such period. HLS 10RS-559 ORIGINAL
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Proposed law retains present law but provides that persons who receive an additional benefit
pursuant to present law (certain peace officers, legislators who were members on Jan. 1,
1997, governor, lieutenant governor, the clerk and sergeant-at-arms of the House of
Representatives, the secretary and the sergeant-at-arms of the Senate, wildlife agents, public
safety services employees, judicial administrators, and judges), shall have their average
compensation calculated over a 60-month period, and shall be subject to the 15% anti-
spiking if hired on or after July 1, 2010.
II.TRSL
Present law provides that average compensation for a teacher shall mean the three highest
consecutive years of employment or the three highest joined successive years where a break
in service occurred. Furthermore, anti-spiking provisions prohibit an increase in earnings
over 10% each year of such period.
Proposed law retains present law but provides that average compensation for any teacher
hired on or after July 1, 2010, shall be calculated over the highest five years.
III.LSERS
Present law provides that average compensation for a school employee hired on or before
June 30, 2006, shall mean the three highest consecutive years of employment or the three
highest joined successive years where a break in service occurred. Provides that average
compensation for any school employee hired on or after July 1, 2006, shall be calculated
over five years. Furthermore, anti-spiking provisions prohibit an increase in earnings over
10% each year of such period.
Proposed law retains present law
IV.LSPRS
Present law provides that average compensation for a member of the system hired before
Sept. 8, 1978, shall be based on the highest one-year period.
Present law provides that average compensation for a member of the system hired on or after
Sept. 8, 1978, shall be based on the highest three-year period. Furthermore, anti-spiking
provisions prohibit an increase in earnings over 25% during any year of such period.
Proposed law retains present law but provides that for any member of the system hired on
or after July 1, 2010, average compensation shall be calculated over the highest five years.
Furthermore, anti-spiking provisions prohibit an increase in earnings over 15% during any
year in such period.
RETIREMENT ELIGIBILITY
I. TRSL
Present law provides for retirement eligibility for members of TRSL. Members hired before
July 1, 1999, may retire: (1) at the age of 60 with 5 years of service credit; or (2) at any age
with 20 years of service credit. Members hired on or after July 1, 1999, may retire: (1) at
the age of 60 with 5 years of service credit; (2) at the age of 55 with 25 years of service
credit; (3) at any age with 30 years of service credit; and (4) at any age with 20 years of
service credit but subject to an actuarial reduction in benefits.
Proposed law retains present law but provides that present law's retirement eligibility
requirements apply only to members hired on or before June 30, 2010. Provides that HLS 10RS-559 ORIGINAL
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members hired on or after July 1, 2010, may only retire at age 60 with 10 years of service
credit.
II.LSERS
Present law provides for retirement eligibility for members of LSERS. Members may retire:
(1) at the age of 60 with 10 years of service credit; (2) at the age of 55 with 25 years of
service credit; (3) at any age with 30 years of service credit; and (4) at any age with 20 years
of service credit but subject to an actuarial reduction in benefits.
Proposed law retains present law but provides that present law's retirement eligibility
requirements apply only to members hired on or before June 30, 2010. Provides that
members hired on or after July 1, 2010, may only retire at age 60 with 10 years of service
credit.
BENEFIT ACCRUAL RATE
Present law generally provides for a benefit calculation formula for each state system
typically consisting of: [(years of service) x (accrual rate)] x (average compensation), where
the accrual rate is a percentage of pay, typically equal to 2.5%, 3%, 3 and 1/3%, or 3.5%,
depending on the member's job classification.
Present law, relative to members of LSERS, provides for accrual rates of 2.5%, 3%, or 3 and
1/3%, depending on the member's retirement date.
Proposed law retains present law, but provides that members hired on or after July 1, 2010,
shall only receive an accrual rate of 2.5%.
Effective July 1, 2010.
(Amends R.S. 11:62(4), (5), and (10), 231, 403(5), 701(5)(a) and (b), 761(A)(3), 768(B)(2),
1141(A) and (C)(1)(a), 1144(B)(2)(a) and (3), and 1310(A); Adds R.S. 11:761(A)(4) and
1144(B)(4))