HLS 10RS-71 ORIGINAL
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Regular Session, 2010
HOUSE BILL NO. 71
BY REPRESENTATIVE LABRUZZO
RETIREMENT/STATE EMPS: Relative to the La. State Employees' Retirement System
(LASERS), allows for an increased benefit for members and retirees affected by
Hurricane Katrina or Rita who took early retirement
AN ACT1
To amend and reenact R.S. 11:441(A)(1)(d), relative to the Louisiana State Employees'2
Retirement System (LASERS); to provide for an increase in benefits under certain3
circumstances for certain persons affected by Hurricane Katrina or Rita; to provide4
relative to benefit calculation for such persons; to provide for payments to the5
system; to provide a funding source for such increased benefits; to provide an6
effective date; and to provide for related matters.7
Notice of intention to introduce this Act has been published8
as provided by Article X, Section 29(C) of the Constitution9
of Louisiana.10
Be it enacted by the Legislature of Louisiana:11
Section 1. R.S. 11:441(A)(1)(d) is hereby amended and reenacted to read as follows:12
ยง441. Eligibility for retirement13
A.(1) Any member hired on or before June 30, 2006, or who receives a14
benefit calculated pursuant to R.S. 11:444(A)(2)(b) shall be eligible for retirement15
if he has:16
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(d)(i) Twenty years of service credit at any age, exclusive of military service18
and unused annual and sick leave, but any person retiring under this Subparagraph19 HLS 10RS-71 ORIGINAL
HB NO. 71
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shall have his benefit, inclusive of military service credit and allowable unused1
annual and sick leave, actuarially reduced from the earliest age that he would2
normally become eligible for a regular retirement benefit under Subparagraph (a),3
(b), or (c) of this Paragraph if he had continued in service to that age. Any employee4
who elects to retire under the provisions of this Subparagraph shall not be eligible5
to participate in the Deferred Retirement Option Plan provided by R.S. 11:447 or the6
Initial Benefit Option provided by R.S. 11:446(A)(5).7
(ii) Notwithstanding the provisions of Item (i) of this Subparagraph, any8
member of this system who retired pursuant to an early retirement provision on or9
after August 28, 2005, and before July 1, 2006, whose last employment making him10
eligible for system membership was with the state or an agency thereof located in a11
parish designated under the Robert T. Stafford Disaster Relief and Emergency12
Assistance Act as eligible for individual assistance or individual assistance and13
public assistance following Hurricane Katrina or Rita and who was age fifty and had14
twenty-five or more years of service but was ineligible for retirement under15
Subparagraph (b) of this Paragraph at the time of his retirement, shall, upon reaching16
age fifty-five, no longer have his benefit actuarially reduced pursuant to this17
Subparagraph or any other early retirement provision. Benefit payments for such18
members which are payable on or after the effective date of this Item shall be19
calculated in accordance with the provisions of R.S. 11:444 as though subject to20
regular retirement. The system shall pay no benefit increases pursuant to this Item21
retroactively. In order to avail himself of the provisions of this Item, such member22
shall pay to the system an amount equal to the employee contributions that would23
have been paid to the system had he remained in service until the age of fifty-five,24
plus interest, based upon his earned compensation at the time of his retirement. No25
benefit increase pursuant to this Item shall be payable until such amount is received26
by the system.27
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Section 2. The cost of this Act, if any, shall be funded with the employee1
contributions required to be remitted pursuant to this Act and with additional employer2
contributions in compliance with Article X, Section 29(E)(5)(b) of the Constitution of3
Louisiana.4
Section 3. This Act shall become effective on July 1, 2010; if vetoed by the governor5
and subsequently approved by the legislature, this Act shall become effective on July 1,6
2010, or on the day following such approval by the legislature, whichever is later.7
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)]
LaBruzzo HB No. 71
Abstract: Relative to the La. State Employees' Retirement System (LASERS), provides for
an increase in retirement benefits for certain early retirees employed in a federally
declared disaster area following Hurricane Katrina or Rita, subject to certain
restrictions.
Present law (R.S. 11:441(A)(1)(d)) provides that a member may retire early with 20 years
of service credit at any age, subject to an actuarial reduction of benefits. Such early
retirement benefit is actuarially reduced from the earliest age that he would normally become
eligible for regular retirement.
Proposed law provides that a member who retired under early retirement provisions of
present law between Aug. 28, 2005, and June 30, 2006, shall, upon reaching age 55, no
longer have his benefit actuarially reduced if:
(1)At the time of retirement he was at least age 50 with 25 years of service; and
(2)He pays to the system the amount of employee contributions that would have been
paid to the system had he remained employed until age 55.
Effective July 1, 2010.
(Amends R.S. 11:441(A)(1)(d))