HLS 10RS-1119 ORIGINAL
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are additions.
Regular Session, 2010
HOUSE BILL NO. 746
BY REPRESENTATIVE ROBIDEAUX
RETIREMENT/STATE EMPS: Relative to the La. State Employees' Retirement System,
provides relative to calculation of benefits for persons electing early retirement
AN ACT1
To amend and reenact R.S. 11:441(A)(1)(d), relative to the Louisiana State Employees'2
Retirement System; to provide for calculation of benefits for persons electing early3
retirement; to provide for different calculation methods depending upon whether4
such persons are in service at the time of retirement; to provide an effective date; and5
to provide for related matters.6
Notice of intention to introduce this Act has been published7
as provided by Article X, Section 29(C) of the Constitution8
of Louisiana.9
Be it enacted by the Legislature of Louisiana:10
Section 1. R.S. 11:441(A)(1)(d) is hereby amended and reenacted to read as follows:11
ยง441. Eligibility for retirement12
A.(1) Any member hired on or before June 30, 2006, or who receives a13
benefit calculated pursuant to R.S. 11:444(A)(2)(b) shall be eligible for retirement14
if he has:15
* * *16
(d) Twenty years of service credit at any age, exclusive of military service17
and unused annual and sick leave, but any person retiring under this Subparagraph18
shall have his benefit, inclusive of military service credit and allowable unused19
annual and sick leave, actuarially reduced . Any member retiring under this20 HLS 10RS-1119 ORIGINAL
HB NO. 746
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Subparagraph who is in state service at the time of his retirement shall have his1
benefit actuarially reduced from the earliest age that he would normally become2
eligible for a regular retirement benefit under Subparagraph (a), (b), or (c) of this3
Paragraph if he had continued in service to that age. Any member retiring under this4
Subparagraph who is out of state service at the time of his retirement shall have his5
benefit actuarially reduced from the earliest age that he would normally become6
eligible for a regular retirement benefit under Subparagraph (a), (b), or (c) of this7
Paragraph based upon his years of service as of the date of retirement. Any8
employee who elects to retire under the provisions of this Subparagraph shall not be9
eligible to participate in the Deferred Retirement Option Plan provided by R.S.10
11:447 or the Initial Benefit Option provided by R.S. 11:446(A)(5).11
* * *12
Section 2. This Act shall become effective on July 1, 2010; if vetoed by the governor13
and subsequently approved by the legislature, this Act shall become effective on July 1,14
2010, or on the day following such approval by the legislature, whichever is later.15
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)]
Robideaux HB No. 746
Abstract: Relative to early retirement under the La. State Employees' Retirement System
(LASERS), provides for different method for calculating benefits depending upon
whether or not the retiree was in service at the time of his retirement.
Present law (R.S. 11:441(A)(1)), provides that a LASERS member hired on or before June,
30, 2006, shall be eligible for retirement if he has:
(1)30 years or more of service, at any age.
(2)25 years or more of service, at age 55 or thereafter.
(3)10 years or more of service, at age 60 or thereafter.
(4)20 years of service credit at any age, exclusive of military service and unused annual
and sick leave, but shall be actuarially reduced from the earliest age that he would
normally become eligible for a regular retirement benefit under (1), (2), or (3) above
if he had continued in service to that age. Provides that any employee who elects to
retire under this option (4) shall not be eligible to participate in the Deferred
Retirement Option Plan (DROP) or the Initial Benefit Option (IBO). HLS 10RS-1119 ORIGINAL
HB NO. 746
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Proposed law retains present law but relative to (4) above, changes the method of calculation
to be used in actuarially reducing the benefits of an early retiree depending on whether or
not he was in service at the time of retirement. Provides that for a person who is in state
service at the time of retirement, his benefit shall be reduced from the earliest age that he
would normally become eligible for regular retirement, as though he had continued working
to that age. For a person out of state service at the time of retirement, the years of service
he has accrued at the time of retirement shall be used to determine the earliest age that he
would normally become eligible for regular retirement.
Effective July 1, 2010.
(Amends R.S. 11:441(A)(1)(d))