Louisiana SB 22: RETIREMENT BENEFITS: Provides relative to retirement eligibility for certain members of state retirement systems and for disability retirement. (6/30/21) (EG DECREASE APV)

Bill Text

SLS 21RS-94 ENGROSSED
2021 Regular Session
SENATE BILL NO. 22
BY SENATOR PEACOCK
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
RETIREMENT BENEFITS. Provides relative to retirement eligibility for certain members
of state retirement systems and for disability retirement. (6/30/21)
1 AN ACT
2 To amend and reenact R.S. 11:441(A)(2)(c), 461(B)(3)(c), 726(B)(2), 761(A)(4) and (5),
3 765(A)(2), 780(A), 786(A)(4), 802(B), 1141(A), 1142(C), and 1147(C)(4)(b), to
4 enact R.S. 11:131, 441(A)(2)(d), 461(B)(3)(d), 726(B)(3), 761(A)(6), 765(A)(3),
5 786(A)(5), 802(C), 1142(D), and 1147(C)(4)(c), and to repeal R.S. 11:132, relative
6 to retirement eligibility for certain new members of the Louisiana State Employees'
7 Retirement System, the Teachers' Retirement System of Louisiana, and the Louisiana
8 School Employees' Retirement System; to establish new retirement eligibility for
9 certain members employed on or after July 1, 2021; to provide relative to disability
10 retirements; to provide for an effective date; and to provide for related matters.
11 Notice of intention to introduce this Act has been published.
12 Be it enacted by the Legislature of Louisiana:
13 Section 1. R.S. 11:441(A)(2)(c), 461(B)(3)(c), 726(B)(2), 761(A)(4) and (5),
14 765(A)(2), 780(A), 786(A)(4), 802(B), 1141(A), 1142(C), and 1147(C)(4)(b) are hereby
15 amended and reenacted and R.S. 11:131, 441(A)(2)(d), 461(B)(3)(d), 726(B)(3), 761(A)(6),
16 765(A)(3), 786(A)(5), 802(C), 1142(D), and 1147(C)(4)(c) are hereby enacted to read as
17 follows:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.

SB NO. 22
SLS 21RS-94 ENGROSSED
1 §131. Determination of Social Security Administration age
2 A. The provisions of this Section apply to the determination of the Social
3 Security Administration age in R.S. 11:441, 726, 761, 802, 1141, 1142, and 1147.
4 B. The "age of retirement set by the Social Security Administration"
5 means the greater of age sixty-seven or the highest normal retirement age in
6 whole years required for eligibility to receive unreduced retirement benefits
7 from the Social Security Administration on January second of the applicable
8 calendar year as follows:
9 (1) For a person whose first employment date is between January first
10 and June thirtieth, inclusive, the January second of the year immediately
11 preceding the year he is first employed.
12 (2) For a person whose first employment date is between July first and
13 December thirty-first, inclusive, the January second of the year he is first
14 employed.
15 * * *
16 §441. Eligibility for retirement
17 A. * * *
18 (2) * * *
19 (c) Except for members of the Hazardous Duty Services Plan, as defined in
20 R.S. 11:612, any member whose first employment making him eligible for
21 membership in one of the state systems occurred on or after July 1, 2015, and on or
22 before June 30, 2021, including any judge, court officer, governor, lieutenant
23 governor, clerk or sergeant-at-arms of the House of Representatives, secretary or
24 sergeant-at-arms of the Senate, or state treasurer, shall be eligible for retirement if
25 he has:
26 (i) Five years or more of service, at age sixty-two or thereafter.
27 (ii) Twenty years of service credit at any age, exclusive of military service
28 and unused annual and sick leave, but any person retiring under this Item shall have
29 his benefit, inclusive of military service credit and allowable unused annual and sick
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.

SB NO. 22
SLS 21RS-94 ENGROSSED
1 leave, actuarially reduced from the earliest age that he would normally become
2 eligible for a regular retirement benefit under Item (i) of this Subparagraph if he had
3 continued in service to that age. Any employee who elects to retire under the
4 provisions of this Item shall not be eligible to participate in the Deferred Retirement
5 Option Plan provided by R.S. 11:447 or the Initial Benefit Option provided by R.S.
6 11:446.
7 (d) Except for members of the Hazardous Duty Services Plan, as defined
8 in R.S. 11:612, any member whose first employment making him eligible for
9 membership in one of the state systems occurred on or after July 1, 2021,
10 including any judge, court officer, governor, lieutenant governor, clerk or
11 sergeant-at-arms of the House of Representatives, secretary or sergeant-at-arms
12 of the Senate, or state treasurer, shall be eligible for retirement if he has:
13 (i) Five years or more of service, at age sixty-seven or the age of
14 retirement set by the Social Security Administration, whichever is greater, or
15 thereafter.
16 (ii) Forty years or more of service, at age sixty-two or thereafter.
17 (iii) Twenty years of service credit at any age, exclusive of military
18 service and unused annual and sick lea