Loading chat...
LA HB19
Bill
Status
6/20/2025
Primary Sponsor
Timothy Kerner
Click for details
AI Summary
-
Disability retirees of the Firefighters' Retirement System who reach age 62 are exempt from earnings-based benefit reductions and reporting requirements previously required under R.S. 11:221
-
Deferred Retirement Option Plan (DROP) participation extended from 3 years to up to 5 years for members with at least 28 years of service credit, effective April 1, 2026
-
Employee contributions cease during DROP participation; employer contributions become payable starting April 1, 2026 for any participation occurring on or after that date
-
Creates a new self-directed investment account option for DROP participants administered by a third-party provider, with participants waiving state/system liability for investment outcomes and Internal Revenue Code compliance
-
Retirement system may recover all actuarial costs from employers who fail to properly report employee compensation or pay correct retirement contributions
Legislative Description
Provides relative to the administration and participation in the Deferred Retirement Option Plan for the Firefighters' Retirement System (EN SEE ACTUARIAL NOTE APV)
RETIREMENT/FIREFIGHTERS
Last Action
Effective date: 08/01/2025.
6/20/2025