RETIREMENT SYSTEMS: Provides relative to transfers of service credit between systems. (6/30/24) (EN NO IMPACT APV)

This bill updates the rules for moving retirement service credit between different public pension systems in Louisiana. It requires that when a worker transfers, the receiving system gets the smaller of the actual money contributed or a calculated amount based on employee contributions, employer contributions, and interest. The law specifically defines how to calculate employer contributions for certain systems to ensure the transfer amount is accurate. These changes take effect on June 30, 2024, and directly impact public employees who move between covered retirement plans.