It is a privilege, the same as any other CCW permit. It requires annual training where many CCW permits only require it every 3 years, etc... It is forced national reciprocity. It does not have an enforcement clause should a State refuse to provide the training.
From the testimony at the Congressional Hearing for HR218:
Mr. SCOTT. Thank you, Mr. Chairman. I am pleased to join you
in convening the hearing on H.R. 218, the Law Enforcement Officers
Safety Act of 2003. The bill authorizes ‘‘qualified’’ active and
retired Federal and State law enforcement officials to carry concealed
weapons interstate without regard to State and local laws
prohibiting or regulating such carriage.
A law enforcement officer includes corrections, probation, parole,
and judicial officers, as well as police, sheriff, and other law enforcement
officers who have had or who have statutory power over
arrest and who were or are engaged through employment by a governmental
entity in the prevention, detection, investigation, supervision,
prosecution, or incarceration of law violators.
IT is a Right not a privilege:
Mr. SCOTT. Now, would this bill require local jurisdictions to
allow off-duty police officers to carry firearms while they are off
duty, even within their jurisdiction?
Mr. CANTERBURY. I believe it would grant the right. I don’t believe
it would mandate.
Mr. SCOTT. Grant the right. Would the police officer have the
right to carry a firearm, notwithstanding the local jurisdiction’s decision
otherwise, to carry a firearm within the jurisdiction?
Mr. CANTERBURY. Yes, I believe it would.
there are two types of state laws that are not overridden by the federal law, these being "the laws of any State that (1) permit private persons or entities to prohibit or restrict the possession of concealed firearms on their property; or (2) prohibit or restrict the possession of firearms on any State or local government property, installation, building, base, or park." This does not mean that LEOSA-qualified persons are prohibited from carrying concealed firearms in such areas, but only that they must obey whatever state laws apply on those two points. They are free to disregard all other state and local laws that govern the carrying of concealed firearms.
The LEOSA overrides state and local laws, but not other federal laws. Thus, LEOSA-qualified individuals must continue to obey federal laws and agency policies that restrict the carrying of concealed firearms in certain federal buildings and lands.
Whether or not a person is covered by the LEOSA depends entirely on whether or not he or she meets the definitions in the federal law for either "qualified law enforcement officer" or "qualified retired law enforcement officer." It does not matter whether or not a given individual is defined as a "law enforcement officer" under the law of his state; only the definition in the federal law applies.