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Regular Session, 2012
SENATE BILL NO. 30
BY SENATOR CORTEZ
TEACHERS RETIREMENT. Relative to benefits for members of the Teachers' Retirement
System of Louisiana. (6/30/12)
AN ACT1
To amend and reenact R.S. 11:721, 761(A)(1)(b), (2), and (3) and 768(A) and (B)(2),2
relative to the Teachers' Retirement System of Louisiana; to provide relative to3
membership, contributions, eligibility for and calculation of benefits; to provide for4
an effective date; and to provide for related matters.5
Notice of intention to introduce this Act has been published.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 11:721, 761(A)(1)(b), (2), and (3) and 768(A) and (B)(2) are hereby8
amended and reenacted to read as follows: 9
§721. Eligibility requirement for membership10
All teachers shall become members of this system as a condition of their11
employment.12
* * *13
§761. Retirement benefits; application; eligibility requirements; effective date;14
cancellation; errors and omissions15
A.(1) Any person who became a member prior to July 1, 1999, may retire16
upon written application to the board of trustees, if at the time of application the17 SB NO. 30
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member:1
* * *2
(b) Has credit earned creditable service for five years of accredited service3
or has twenty years or more of creditable teaching service regardless of age.4
(2)(a) Any person who became a member on or after July 1, 1999, may retire5
upon written request to the board of trustees, if the member:6
(i) Has attained the age of sixty years and has credit earned creditable7
service for five years of accredited service; or8
(ii) Has attained the age of fifty-five years and has credit earned creditable9
service for twenty-five or more years of accredited service; or10
(iii) At any age with thirty or more years of accredited creditable service.11
(b) The accredited creditable service referenced in Subparagraph (a) of this12
Paragraph shall not include unused accumulated sick leave and unused accumulated13
annual leave.14
(3) Any person whose first employment making him or her eligible for15
membership in one of the state systems occurred on or after January 1, 2011, may16
retire upon written application to the board of trustees, if at the time of application17
the member:18
(a) Has attained the age of sixty years and has credit earned creditable19
service for five years of accredited service.20
(b) Has twenty years of creditable service credit at any age, exclusive of21
military service and unused annual and sick leave, but any person retiring under this22
Subparagraph shall have his benefit, inclusive of military service credit and23
allowable unused annual and sick leave, actuarially reduced from the earliest age that24
he would normally become eligible for a regular retirement benefit under25
Subparagraph (a) of this Paragraph if he had continued in service to that age. Any26
member who elects to retire under the provisions of this Subparagraph shall not be27
eligible to participate in the Deferred Retirement Option Plan provided by R.S.28
11:786 or the Initial Lump-Sum Benefit option provided by R.S. 11:783.29 SB NO. 30
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* * *1
§768. Retirement allowances2
A.(1) Upon service retirement, a person who became a member prior to July3
1, 1999, who retires on or after July 1, 1997, shall receive an annual benefit which4
provides a total allowance equal to two percent of his or her average earnable5
compensation multiplied by the number of years of creditable service, plus the sum6
of three hundred dollars. The referenced additional sum of three hundred dollars7
shall only be applicable with respect to persons becoming members prior to July 1,8
1986.9
(2) Notwithstanding the provisions of Paragraph (1) of this Subsection, any10
member who retires on or after July 1, 1997, who became a member prior to July 1,11
1999, and who has attained the age of sixty-five years and has credit for at least12
twenty years of creditable service, exclusive of military service, unused accumulated13
sick leave and unused accumulated annual leave, or any of these, or who has attained14
the age of fifty-five years and has credit for at least twenty-five years of creditable15
service, exclusive of unused accumulated sick leave and unused accumulated annual16
leave, or who has credit for at least thirty years of creditable service at any age,17
exclusive of unused accumulated sick leave and unused accumulated annual leave,18
shall receive an annual benefit which provides an allowance equal to two and19
one-half percent of his or her average earnable compensation, multiplied by the20
number of years of creditable service, plus a sum of three hundred dollars. The21
referenced additional sum of three hundred dollars shall only be applicable with22
respect to persons becoming members prior to July 1, 1986.23
B.(1) * * *24
(2) Notwithstanding the provisions of Paragraph (1) of this Subsection, any25
person who became a member on or after July 1, 1999, whose first employment26
making him eligible for membership in one of the state systems occurred on or27
before December 31, 2010, having twenty years of service credit, exclusive of28
military service and unused annual and sick leave, but who is less than sixty years29 SB NO. 30
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of age, may retire but he the member shall have his or her maximum benefit1
inclusive of military service credit and allowable unused annual and sick leave2
actuarially reduced from the earlier of the following:3
* * *4
Section 2. This Act shall become effective on June 30, 2012; if vetoed by the5
governor and subsequently approved by the legislature, this Act shall become effective on6
June 30, 2012, or on the day following such approval by the legislature, whichever is later.7
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Lauren Bailey.
DIGEST
Proposed law relative to the Teachers' Retirement System of Louisiana (TRSL) provides for
changes in the present law regarding membership, contributions, and eligibility for and
calculation of benefits.
Effective June 30, 2012.
(Amends R.S. 11:721, 761(A)(1)(b), (2), and (3), and 768(A) and (B)(2))