Regular Session News #4: Bill changing retirement eligibility for new hires reported favorably by the Senate Retirement Committee
Apr 19, 2021
By a vote of 4-3, the Senate Retirement Committee voted today to favorably report Senate Bill 22 (Sen. Peacock). SB 22, which was opposed by the TRSL Board of Trustees, would change retirement eligibility criteria for new hires in TRSL, LASERS, and LSERS whose first employment makes them eligible for membership in a state retirement system on or after July 1, 2021.- Members hired on/after July 1, 2021, could retire under the following eligibility criteria:
- five years of service at the higher of age 67 or the age of retirement set by the Social Security Administration;
- 40 years of service at age 62; or
- 20 years of service at any age (actuarially reduced).
Check the Legislation page of our website for more information on this year’s session or bills affecting TRSL. Stay tuned for future updates on the status of bills being monitored throughout the session.