RETIREMENT/TEACHERS: Provides relative to beneficiaries within the Teachers' Retirement System of Louisiana (OR NO IMPACT APV)

HB 14 amends Louisiana's Teachers' Retirement System to add a new beneficiary option (Option 5) for teachers designating children with permanent mental or physical disabilities as recipients of retirement benefits. It requires medical determination of the child's disability to occur before retirement, and if a teacher doesn't allocate at least half their reduced benefit to the disabled child, the system may deduct the cost of the medical evaluation from their benefits. This change directly affects teachers who wish to provide ongoing retirement support for disabled children through the system. The bill modifies existing beneficiary election rules (Options 2-4) by adding this disability-specific provision, with all designated benefits requiring actuarial equivalence certification.