HLS 24RS-182 ORIGINAL
2024 Regular Session
HOUSE BILL NO. 31
BY REPRESENTATIVE FREIBERG
RETIREMENT/TEACHERS: Provides relative to the optional retirement plan and defined
benefit plan for the Teachers' Retirement System of Louisiana
1 AN ACT
2To enact R.S. 11:932, relative to the optional retirement plan; to provide for election to join
3 the Teachers' Retirement System of Louisiana; to provide for membership; and to
4 provide for related matters.
5 Notice of intention to introduce this Act has been published
6 as provided by Article X, Section 29(C) of the Constitution
7 of Louisiana.
8Be it enacted by the Legislature of Louisiana:
9 Section 1. R.S. 11:932 is hereby enacted to read as follows:
10 ยง932. Regular plan membership; irrevocable election
11 A. Notwithstanding any provision of law to the contrary, any active
12 contributing participant in the optional retirement plan on June 30, 2024, may make
13 an irrevocable election to become a member of the regular retirement plan of the
14 Teachers' Retirement System of Louisiana. The election shall be made in writing in
15 a manner prescribed by the system and received by the system on or before
16 December 30, 2024.
17 B. All contributions to the optional retirement plan from a participant
18 making the election and from his employer shall cease on January 31, 2025.
19 Beginning February 1, 2025, a participant who made the election shall begin
20 contributing to and accruing benefits in the regular retirement plan of the Teachers'
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 24RS-182 ORIGINAL
HB NO. 31
1 Retirement System of Louisiana as a member first eligible for membership in a state
2 system on that date. The person's employing agency shall pay the system the
3 contributions required pursuant to R.S. 11:102.
4 C. Any and all distributions from the optional retirement plan to a participant
5 who made the election provided for in this Section shall be in accordance with R.S.
6 11:929.
7 Section 2. The cost of this Act, if any, shall be funded with additional employer
8contributions in compliance with Article X, Section 29(F) of the Constitution of Louisiana.
9 Section 3. This Act shall become effective on June 30, 2024; if vetoed by the
10governor and subsequently approved by the legislature, this Act shall become effective on
11June 30, 2024, or on the day following such approval by the legislature, whichever is later.
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)]
HB 31 Original 2024 Regular Session Freiberg
Abstract: Allows an optional retirement plan participant to transfer to the defined benefit
plan in the Teachers' Retirement System of La. (TRSL).
Present law, relative to the Teachers' Retirement System of La. (TRSL) provides that an
employee of a public institution of higher education may elect to enter the optional
retirement plan (ORP) when he is first hired in an eligible TRSL-covered position.
Present law provides that participation in the ORP is an irrevocable decision and a
participant is not eligible for membership in TRSL after joining the ORP.
Proposed law provides that an active, contributing participant in the ORP on June 30, 2024,
may elect, through written notice to TRSL, to cease contributions to the ORP and begin
membership in the regular retirement plan at TRSL as a new member on or before Dec. 30,
2024.
Proposed law provides that contributions to the ORP shall cease on Jan. 31, 2025, and
contributions and accrual in the regular retirement plan at TRSL shall begin on Feb. 1, 2025.
Proposed law provides that distributions from the ORP shall be made in accordance with
present law.
Proposed law requires that any cost of proposed law be funded with additional employer
contributions in compliance with Art. X, Sec 29(F) of the state constitution.
Effective June 30, 2024.
(Adds R.S. 11:932)
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.