Pearson (HB 171) Act No. 547
Existing law (R.S. 42:1301 et seq.), pursuant to federal tax law, provides for a deferred
compensation plan for public employees, which allows an employee to defer and invest some
of his income. Employees of political subdivisions, such as school boards, are eligible to
participate in the plan.
New law requires school boards and governing authorities of charter schools to offer their
employees the opportunity to participate in the deferred compensation plan established by
existing law. Provides that new law does not prohibit such employers from offering
opportunities to participate in other deferred compensation plans.
Effective upon signature of governor (June 9, 2014).
(Adds R.S. 17:81(X) and 3996(B)(34))