Louisiana 2024 2024 Regular Session

Louisiana House Bill HB33 Comm Sub / Analysis

                    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 33 Original	2024 Regular Session	Mandie Landry
Abstract:  Provides for benefits and withdrawals for the New Orleans Firefighters' Pension and
Relief Fund.
Present law provides with respect to retirement eligibility and benefits in the New Orleans
Firefighters' Pension and Relief Fund.
Retirement Eligibility
Present law provides for the following with respect to retirement eligibility:  12 years of service
credit and the following:
(1)Person hired between Dec. 31, 1967–Dec. 31, 2014:  attained age 50.
(2)Person hired between Jan. 1, 2015–Aug. 15, 2016:  attained age 52.
(3)Persons hired after Aug. 15, 2016:  attained retirement age as defined in present federal law
regarding social security.
Proposed law repeals (2) and (3) above and makes 50 the retirement eligibility age for all employees.
Accrual Rate
Present law provides for the following with respect to accrual rate:
(1)Person hired between Dec. 31, 1967–Dec. 31, 2014:
(a)At 12 years of service:  2.5%.
(b)Between 12 years and 30 years of service:  2.5% for the first 12 years + 3.33% for each
additional year.
(c)30 years or more years of service:  3.33% for all service credit.
(2)Person hired between Jan. 1, 2015–Aug. 15, 2016:  2.75%.
(3)Person hired after Aug. 15, 2016:  2.5%. Proposed law repeals (2) and (3) above and makes (1) applicable to all employees.
Withdrawal
Present law provides a member may withdraw from service and remain a member of the system and
receive a retirement benefit provided that he has 12 years of service credit and the following:
(1)Person hired between Dec. 31, 1967–Dec. 31, 2014:  attained age 50.
(2)Person hired between Jan. 1, 2015–Aug. 15, 2016:  attained age 52.
(3)Person hired after Aug. 15, 2016:  attained retirement age as defined in present federal law
regarding social security.
Proposed law repeals (2) and (3) above and provides that all such employees begin to receive a
benefit at age 50.
(Amends R.S. 11:3384(A) and (B) and 3386(A); Repeals R.S. 11:3384(D) and 3386(B))