Louisiana § RS 11:272 - Early retirement eligibility

§ RS 11:272. Early retirement eligibility

A.  Notwithstanding any other provision of law to the contrary, the provisions of this Section shall be applicable to all members of the following public retirement systems:

(1)  Louisiana State Employees' Retirement System,

(2)  Louisiana State Police Retirement System,

(3)  Louisiana School Employees' Retirement System,

(4)  Teachers' Retirement System of Louisiana,

(5)  Assessors' Retirement Fund,

(6)  Clerks' of Court Retirement and Relief Fund,

(7)  District Attorneys' Retirement System,

(8)  Municipal Employees' Retirement System of Louisiana,

(9)  Municipal Police Employees' Retirement System,

(10)  Firefighters' Retirement System,

(11)  Parochial Employees' Retirement System of Louisiana,

(12)  Registrar of Voters Employees' Retirement System, and

(13)  Sheriffs' Pension and Relief Fund.

B.  Any member who, on September 1, 1985, has earned sufficient service credit to be eligible for a normal retirement on or before August 31, 1995, but has not, on September 1, 1985, attained the normal retirement age, shall, during the ten year period from September 1, 1985, through August 31, 1995, be eligible for an early retirement, regardless of age, with benefits reduced to a level which would be actuarially equivalent to a retirement at the normal retirement age using the normal retirement formula.

C.  The actuary for each of the systems specified in Subsection A of this Section shall develop reduction factors for use in computing the reduced benefit applicable to early retirement.  However, in no event shall such benefit reduction be less than one percent for each calendar quarter by which the effective date of retirement is advanced before normal retirement eligibility.

D.  Any member who, on January 1, 1982, had earned ten years of service credit, shall be eligible for an early retirement, regardless of age, with benefits reduced to a level which would be actuarially equivalent to a retirement at the normal retirement age using the normal retirement formula and subject to the provisions contained in Subsection C of this Section.

E.  Notwithstanding any provision of law to the contrary, service credit originally earned on or before September 1, 1985, in a retirement system named in Subsection A of this Section shall be utilized to determine applicability of the provisions of Subsection B of this Section, even if the member received a refund of contributions for such service, provided that the member has repaid the refund prior to application for retirement.

Acts 1985, No. 154, §1, eff. July 6, 1985; Redesignated from R.S. 42:720 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1995, No. 132, §1; Acts 2012, No. 227, §1; Acts 2012, No. 479, §1, eff. Dec. 10, 2012.