Early Retirement Bill Sent to Senate Floor – by Robyn Ekings

The Senate and Governmental Affairs Committee this morning (June 17th) sent a plan for Early Retirement for members of the Louisiana State Employees’ Retirement System (LASERS) on to the full Senate for a vote.

HB 513 has already been approved by the House. It provides for retirement of a LASERS member at age 50 with 10 years of service credit. Members taking the option would receive an actuarially reduced benefit and would not be eligible for reemployment with the state. Positions vacated under this program would be abolished.

“We’re looking at trying to cut down on the number of positions in state government.” Representative Dee Richard, author of the bill, told committee members, “I think this is an excellent way to do it.” The program would be effective July 1, 2009 and would expire in 2011.