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

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).