TDD# 1-800-846-5277
STATE
OF
DEPARTMENT
OF STATE CIVIL SERVICE
BATON
ROUGE,
November 21, 2006
General Circular No. 001679
To: Heads of State Agencies and Human Resource
Directors
Subject: Update
to General Circular 1657 to clarify eligibility for DROP and IBO for new hires
after July 1, 2006
Issue Date: November
21, 2006
In
General Circular 1657 we stated, “There are no provisions for participation in
the Deferred Retirement Option Plan (DROP) or for retirement with an Initial
Benefit Option (IBO) for those whose membership falls under the provisions of
Act 75.” In fact, LASERS has clarified
this in Liaison Memorandum 06-08, where they state, “Any member hired on or
after July 1, 2006 shall be eligible
for participation in the Deferred Retirement Option Plan (DROP) or in the
Initial Benefit Option (IBO) program upon reaching eligibility.”
If
you have any questions regarding this circular, please contact Marianne
Covington, marianne.covington@la.gov
or (225) 342-8083.
Sincerely,
s/Anne Smith Soileau
Director