LA HB14

Creates new "Option 5" allowing Teachers' Retirement System of Louisiana (TRSL) members to designate a child or children with a permanent mental or physical disability as beneficiaries to receive retirement benefits after the member's death

Requires the reduced benefit amount to be certified by the system's actuary as actuarially equivalent and approved by the board of trustees

Medical determination of the child's disability must be performed immediately before the member's retirement date or entry into the Deferred Retirement Option Plan

Members who request the system perform the disability determination but allocate less than one-half of their reduced benefit to the disabled child may have the cost of the medical determination deducted from their retirement benefits

Any costs resulting from the legislation will be funded through additional employer contributions per Article X, Section 29(F) of the Louisiana Constitution