Louisiana Senate Bill SB119

Louisiana 2010 Regular Session

• Introduced: 3/29/10
• Refer: 3/29/10
• Report Pass: 4/12/10
• Engrossed: 4/14/10
• Refer: 4/15/10
• Report Pass: 5/27/10
• Enrolled: 6/14/10
• Chaptered: 7/2/10
• Passed: 7/2/10

Caption

Provides for funding of the Parochial Employees' Retirement System. (7/1/10) (EN ACTUARIAL SAVINGS APV)

Impact

The implications of SB 119 on state laws revolve around the management of retirement system funding. By ensuring that employees can claim credit for previous service even if there was an administrative error in enrollment, the bill reinforces the financial stability of the retirement system. Furthermore, it outlines the responsibilities of employers and members in making the necessary contributions, enhancing accountability within the retirement system. This is particularly significant for maintaining the actuarial soundness of the system amidst proliferating liabilities.

Summary

Senate Bill 119 aims to amend and reenact several statutes related to the Parochial Employees' Retirement System in Louisiana. The bill addresses the proper enrollment and contribution procedures for members of the system, emphasizing the importance of accurate contributions for retirement funding. It establishes guidelines for individuals who were not properly enrolled or contributing, allowing them to receive credit for the time they were eligible for membership, provided they meet specific requirements related to their enrollment and employment duration.

Sentiment

Overall, the sentiment surrounding SB 119 appears to be supportive among legislators who view the bill as essential for rectifying past administrative oversights and ensuring that employees can receive the retirement benefits they are entitled to. Proponents argue that the bill is a necessary step for improving the integrity of the retirement system. Opposition may center on concerns about the financial implications of retroactively granting credits and whether this could overextend the system's resources, though specific dissenting voices were not prominently highlighted.

Contention

Notable points of contention include the financial ramifications of allowing employees to claim retroactive credit for their service. Some lawmakers may raise concerns about how these allowances will affect the accrued liabilities of the Parochial Employees' Retirement System, arguing that it could strain the system's funding capabilities. Sensitivities also exist regarding the meticulousness of record-keeping by employers, with suggestions that clearer guidelines are necessary to prevent future administrative errors that could impact both employees and the overall financial health of the retirement fund.