Tuesday, July 8, 2008

2008 Legislative Update

The following bills affecting LASERS have been signed by the Governor

House Bill 89—Makes the Self Directed Plan (SDP) for DROP participants in LASERS and TRSL optional. Directs the boards of trustees of LASERS and Teachers' to file separately for a declaratory judgement on the issue of whether members can waive their constitutional rights and invest at the system's rate. The effective date is the later of July 1, 2009, or sixty days after each system respectively obtains a final, non-appealable judgment declaring the elections made pursuant to proposed law to be constitutional. Persons who are currently in the SDP have 60 days from the effective date of this Act to switch.-Act 714

House Bill 1068- Allows certain enforcement personnel employed by the Dept. of Revenue, office of alcohol and tobacco control (ATC), as of June 30, 2007, or thereafter, who are members of the La. State Employees' Retirement System (LASERS), to retire with 25 years of service at any age, 10 years of service at age 60, or with 20 years of service at any age but at an actuarially reduced rate. Furthermore, reduces the amount of funds to be deposited in the Dept. of Revenue Alcohol and Tobacco Control Officers Fund to fund retirement benefits for such persons and provides for the abolition of such fund when the actuarially accrued liability resulting from such benefits has been fully satisfied.-Act 740

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