LA HB24

Expands optional retirement plan eligibility to all public postsecondary education institutions and the Board of Supervisors of Community and Technical Colleges, with implementation required by July 1, 2025

Makes retirement system membership optional for new employees age 60 or older, or age 55 or older with at least 40 quarters of Social Security credit

Allows optional retirement plan participants to transfer to the regular Teachers' Retirement System plan within 7 years (increased from 5 years) of first eligible employment, and creates a special transfer window through September 2, 2025 for certain participants who joined before July 31, 2020

Adds the commissioner of higher education as an ex officio member of the Teachers' Retirement System Board of Trustees

Establishes an Optional Retirement Plan Advisory Committee composed of faculty and staff representatives from each higher education board to provide feedback on plan terms, vendor selection, fees, and investments