Provides for a five-year deferred retirement option plan for certain members of the Firefighters' Retirement System and provides relative to retirement benefits of certain probation and parole officers in the office of adult services in the Department of Public Safety and Corrections
Relative to the Municipal Employees' Retirement System (MERS), the Municipal Police Employees' Retirement System (MPERS), and the Firefighters' Retirement System (FRS), implements the recommendations of the Funding Review Panel by providing for board membership, benefit calculation, maintaining employer contribution rates at certain amounts, and employee contribution rates (EN DECREASE APV)
Relative to the La. School Employees' Retirement System (LSERS), the State Police Pension and Retirement System (LSPRS), and the Parochial Employees' Retirement System (PERS), provides for compliance with applicable federal tax qualification requirements (EN NO IMPACT APV)
Provides for the ability of certain members of the Teachers' Retirement System of La. to change their election to enter the Deferred Retirement Option Plan (OR +$8,000 FC SG EX)
Provides for an increase in the accrual rate from 2.5% to 3-1/3% for members of the Firefighters' Pension and Relief Fund in the city of New Orleans (NOFF) (OR +$4,040,000 FC LF EX)
Relative to the La. Assessors' Retirement Fund and the Clerks of Court Retirement and Relief Fund, removes authority for the payment of employee contributions by the employer (OR CANNOT DETERMINE)
Prohibits limitations on the transfer of investment gains to accounts used to fund cost-of-living adjustments in the state retirement systems (OR -$2,200,000,000 APV)
Relative to funding of state retirement systems, provides for changes in the remitting of payments on the Unfunded Accrued Liability (UAL) (EN -$25,678,000 FC GF & LF EX)
Relative to state and statewide retirement systems, provides with respect to earnable compensation and service credit for any member of such a system elected to the legislature (EN NO IMPACT APV)
Prohibits members of the La. School Employees' Retirement System from remaining in that system after taking a job that is covered by a different retirement system (RE DECREASE APV)
Provides for notice to employees when a charter school withdraws from the Teachers' Retirement System of La. or the La. School Employees' Retirement System (OR NO IMPACT APV)