Regular Session News #7: Retirement eligibility bill returned to the calendar

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Today, the Senate considered Senate Bill 22 (Sen. Peacock), and after debate, Sen. Peacock asked that the bill be “returned to the calendar,” leaving open the possibility of a vote on the bill at a later date. As currently written, SB 22 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).

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