Final legislative approval today means that SB 9 by Morgan City Senator Butch Gautreaux will soon be on Governor Jindal’s desk for his signature. The measure allows members of LASERS with at least 5 years service credit to purchase up to five years of service credit in one year increments for purposes of retirement eligibility (Air-time for eligibility).
Member must pay the greater of employee contributions based upon the greater of the member’s current salary or the member’s current final average compensation or the actuarial cost to the system in a lump sum. Members who previously purchased air time for computation purposes may pay the cost to upgrade that service for eligibility based on the actuarial cost of such upgrade.
Retirees who have purchased Air-time for eligibility must pay any increase in their employer’s share of Group Benefits health insurance premiums as a result of retirement earlier than they would otherwise be eligible until the time of regular retirement eligibility.