Establishes a phased retirement program within the Teachers' Retirement System of Louisiana.

Louisiana HB42 creates a phased retirement program within the Teachers' Retirement System of Louisiana. Qualified members can apply for this program, which allows for reduced retirement benefits during participation. The employer and participant must notify the system of the terms of the phased retirement, including the start date, length, termination date, and work effort percentage. Upon completion, the participant begins receiving full regular retirement benefits. The employer's share of the monthly fee will be the full amount starting July 1, 2027.

Establishes a phased retirement program within the Teachers' Retirement System of Louisiana.

Louisiana HB42 creates a phased retirement program within the Teachers' Retirement System of Louisiana. Qualified members can apply for this program, which allows for reduced retirement benefits during participation. The employer and participant must notify the system of the terms of the phased retirement, including the start date, length, termination date, and work effort percentage. Upon completion, the participant begins receiving full regular retirement benefits. The employer's share of the monthly fee will be the full amount starting July 1, 2027.