HLS 10RS-1150 ORIGINAL
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Regular Session, 2010
HOUSE BILL NO. 515
BY REPRESENTATIVE PEARSON
RETIREMENT SYSTEMS: Provides for the organization, governance, administration, and
membership of the Funding Review Panel
AN ACT1
To amend and reenact R.S. 11:108(B)(3), (C), and (F), relative to the Firefighters'2
Retirement System, the Municipal Employees' Retirement System, and the3
Municipal Police Employe es' Retirement System, provides for the organization,4
governance, administration, and membership of the Funding Review Panel charged5
with studying the funding and benefit provisions of such systems; to provide with6
respect to election of a chairman for such panel; to provide for reporting7
requirements; to provide an effective date; and to provide for related matters.8
Notice of intention to introduce this Act has been published9
as provided by Article X, Section 29(C) of the Constitution10
of Louisiana.11
Be it enacted by the Legislature of Louisiana:12
Section 1. R.S. 11:108(B)(3), (C), and (F) are hereby amended and reenacted to read13
as follows:14
ยง108. Funding Review Panel15
* * *16
B.17
* * *18
(3)(a)The panel shall elect from the members of the recommendations19
committee a chairman and vice chairman of the panel. If the state treasurer is elected20 HLS 10RS-1150 ORIGINAL
HB NO. 515
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chairman or vice chairman, his designee shall serve in such office at any meeting of1
the panel at which he represents the treasurer. 2
(b) At the first meeting in Fiscal Year 2010-2011, and at the first meeting in3
each fiscal year thereafter, the panel shall elect from the members of the4
recommendations committee a chairman and vice chairman of the panel. If the state5
treasurer is elected chairman or vice chairman, his designee shall serve in such office6
at any meeting of the panel at which he represents the treasurer.7
* * *8
C. (1) The panel shall meet not less than monthly. The treasurer shall call the9
first meeting of the panel on or before August 31, 2005, and shall preside until the10
panel elects a chairman and vice chairman.11
(2) The treasurer shall call the first meeting for Fiscal Year 2010-2011 on or12
before August 31, 2010. The treasurer or his designee shall preside until the panel13
elects a chairman and vice chairman.14
* * *15
F.(1) On or before February 15, 2006, the panel shall submit to the House16
and Senate Committees committees on Retirement retirement and to the legislative17
actuary a report containing its recommendations for increasing the actuarial18
soundness of each system and providing a generous, affordable benefit for members19
of each system.20
(2) On or before March 15, 2011, the panel shall submit to the House and21
Senate committees on retirement and to the legislative auditor's actuarial services22
division a report containing its recommendations for increasing the actuarial23
soundness of each system and for providing an affordable benefit for members of24
each system.25
Section 2. This Act shall become effective on July 1, 2010; if vetoed by the governor26
and subsequently approved by the legislature, this Act shall become effective on July 1,27
2010, or on the day following such approval by the legislature, whichever is later.28 HLS 10RS-1150 ORIGINAL
HB NO. 515
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DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Pearson HB No. 515
Abstract: Relative to the Firefighters' Retirement System (FRS), the Municipal Employees'
Retirement System (MERS), and the Municipal Police Employees' Retirement
System (MPERS), alters certain requirements of the Funding Review Panel charged
with the task of studying funding and benefit provisions of such systems.
Present law establishes the Funding Review Panel (the 'panel', hereinafter) to study funding
and benefit provisions of FRS, MERS, and MPERS, including but not limited to retirement
eligibility, benefit calculation, contributions, actuarial assumptions, and cost-of-living
adjustment criteria.
Present law requires the panel to elect a chairman and vice chairman.
Proposed law retains present law but further provides that at its first meeting of FY 2010-
2011, and at the first meeting of each fiscal year thereafter, the panel shall elect a chairman.
Present law provides that the panel shall meet at least monthly. The treasurer shall call the
first meeting of FY 2010-2011 on or before Aug. 31, 2005.
Proposed law retains present law but further provides that the treasurer shall call the first
meeting on or before Aug. 31, 2010.
Present law requires the panel to report its findings and recommendations for increasing the
actuarial soundness of the systems and providing a generous and affordable benefit to its
members to the House and Senate committees on retirement and to the legislative actuary
on or before Feb. 15, 2006.
Proposed law retains present law but further requires the panel to report such findings and
recommendations to the House and Senate Committees on Retirement and to the legislative
auditor's actuarial services division on or before March 15, 2011. Provides that the panel
need only recommend affordable benefits, rather than generous and affordable.
Effective July 1, 2010.
(Amends R.S. 11:108(B)(3), (C), and (F))