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Regular Session, 2012
HOUSE BILL NO. 61
BY REPRESENTATIVE PEARSON
RETIREMENT/STATE SYSTEMS: Provides for a cash balance plan for certain state
employees
AN ACT1
To amend and reenact R.S. 11:62(4)(introductory paragraph), (5)(introductory paragraph),2
and (11)(introductory paragraph), 102(B)(1) and (3)(a) and (d)(v), (vi), and (vii),3
542(A)(2)(a), 883.1(A)(2)(a), and 1145.1(A)(1)(introductory paragraph) and (a),4
(C)(4)(a)(introductory paragraph), and (E), and to enact R.S. 11:62(4.1), (5.1), and5
(11.1), 102(C)(1)(m), 542(C)(4)(d)(iii) and (e)(iii), 883.1(C)(4)(d)(iii) and (e)(iii),6
1145.1(C)(4)(a)(iii) and (b)(iii), and Chapter 7 of Subtitle II of Title 11 of the7
Louisiana Revised Statutes of 1950, to be comprised of R.S. 11:1399 through 1399.5,8
relative to state retirement systems; to create a cash balance plan in certain state9
systems; to provide for contributions, credits, eligibility, and benefits; to provide for10
an effective date; and to provide for related matters.11
Notice of intention to introduce this Act has been published12
as provided by Article X, Section 29(C) of the Constitution13
of Louisiana.14
Be it enacted by the Legislature of Louisiana:15
Section 1. R.S. 11:62(4)(introductory paragraph), (5)(introductory paragraph), and16
(11)(introductory paragraph), 102(B)(1) and (3)(a) and (d)(v), (vi), and (vii), 542(A)(2)(a),17
883.1(A)(2)(a), and 1145.1(A)(1)(introductory paragraph) and (a), (C)(4)(a)(introductory18
paragraph), and (E) are hereby amended and reenacted and R.S. 11:62(4.1), (5.1), and (11.1),19
102(C)(1)(m), 542(C)(4)(d)(iii) and (e)(iii), 883.1(C)(4)(d)(iii) and (e)(iii),20 HLS 12RS-327 ENGROSSED
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1145.1(C)(4)(a)(iii) and (b)(iii), and Chapter 7 of Subtitle II of Title 11 of the Louisiana1
Revised Statutes of 1950, comprised of R.S. 11:1399 through 1399.5, are hereby enacted to2
read as follows:3
§62. Employee contribution rates established4
Employee contributions to state and statewide public retirement systems shall5
be paid at the following rates, except as otherwise provided by law:6
* * *7
(4) Louisiana School Employees' Retirement System members in Tier 1:8
* * *9
(4.1) Louisiana School Employees' Retirement System members in the cash10
balance plan - 8%.11
* * *12
(5) Louisiana State Employees' Retirement System members in Tier 1:13
* * *14
(5.1) Louisiana State Employees' Retirement System members in the cash15
balance plan - 8%.16
* * *17
(11) Teachers' Retirement System of Louisiana members in Tier 1:18
* * *19
(11.1) Teachers' Retirement System of Louisiana members in the cash20
balance plan - 8%.21
* * *22
§102. Employer contributions; determination; state systems23
* * *24
B.(1) Except as provided in Subsection C of this Section for the Louisiana25
State Employees' Retirement System and except as provided in R.S. 11:102.1 and26
102.2 and in Paragraph (5) of this Subsection, for each fiscal year, commencing with27
Fiscal Year 1989-1990, for each of the public retirement systems referenced in28
Subsection A of this Section, the legislature shall set the required employer29 HLS 12RS-327 ENGROSSED
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contribution rate equal to the actuarially required employer contribution, as1
determined under Paragraph (3) of this Subsection, divided by the total projected2
payroll of all active members including cash balance plan members of each3
particular system for the fiscal year. Each entity funding a portion of a member's4
salary shall also fund the employer's contribution on that portion of the member's5
salary at the employer contribution rate specified in this Subsection.6
* * *7
(3) With respect to each state public retirement system, the actuarially8
required employer contribution for each fiscal year, commencing with Fiscal Year9
1989-1990, shall be that dollar amount equal to the sum of:10
(a) The employer's normal cost for that fiscal year, computed as of the first11
of the fiscal year using the system's actuarial funding method as specified in R.S.12
11:22 and taking into account the value of future accumulated employee13
contributions and interest thereon, such employer's normal cost rate multiplied by the14
total projected payroll for all active members including cash balance plan members15
to the middle of that fiscal year. For the Louisiana State Employees' Retirement16
System, effective for the June 30, 2010, system valuation and beginning with Fiscal17
Year 2011-2012, the normal cost shall be determined in accordance with Subsection18
C of this Section.19
* * *20
(d) That fiscal year's payment, computed as of the first of that fiscal year and21
projected to the middle of that fiscal year at the actuarially assumed interest rate,22
necessary to amortize changes in actuarial liability due to:23
* * *24
(v) Effective July 1, 2004, and beginning with Fiscal Year 1998-1999, the25
amortization period for the changes, gains, or losses of the Louisiana State26
Employees' Retirement System provided in Items (i) through (iv) of this27
Subparagraph shall be thirty years, or in accordance with standards promulgated by28
the Governmental Accounting Standards Board, from the year in which the change,29 HLS 12RS-327 ENGROSSED
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gain, or loss occurred. The outstanding balances of amortization bases established1
pursuant to Items (i) through (iv) of this Subparagraph before Fiscal Year2
1998-1999, shall be amortized as a level dollar amount from July 1, 2004, through3
June 30, 2029. Beginning with Fiscal Year 2003-2004, and for each fiscal year4
thereafter, the outstanding balances of amortization bases established pursuant to5
Items (i) through (iv) of this Subparagraph and for any changes, gains, or losses6
attributable to the cash balance plan shall be amortized as a level dollar amount. For7
the Louisiana State Employees' Retirement System, effective for the June 30, 2010,8
system valuation and beginning with Fiscal Year 2011-2012, amortization payments9
for changes in actuarial liability shall be determined in accordance with Subsection10
C of this Section.11
(vi) Effective July 1, 2004, and beginning with Fiscal Year 2000-2001, the12
amortization period for the changes, gains, or losses of the Louisiana School13
Employees' Retirement System provided in Items (i) through (iv) of this14
Subparagraph and for any changes, gains, or losses attributable to the cash balance15
plan shall be thirty years, or in accordance with standards promulgated by the16
Governmental Accounting Standards Board, from the year in which the change, gain,17
or loss occurred. The outstanding balances of amortization bases established18
pursuant to Items (i) through (iv) of this Subparagraph before Fiscal Year 2000-19
2001, shall be amortized as a level dollar amount from July 1, 2004, through June 30,20
2029. Beginning with Fiscal Year 2003-2004, and for each fiscal year thereafter, the21
outstanding balances of amortization bases established pursuant to Items (i) through22
(iv) of this Subparagraph shall be amortized as a level dollar amount.23
(vii) Effective July 1, 2004, and beginning with Fiscal Year 2000-2001, the24
amortization period for the changes, gains, or losses of the Teachers' Retirement25
System of Louisiana provided in Items (i) through (iv) of this Subparagraph and for26
any changes, gains, or losses attributable to the cash balance plan shall be thirty27
years, or in accordance with standards promulgated by the Governmental Accounting28
Standards Board, from the year in which the change, gain, or loss occurred. The29 HLS 12RS-327 ENGROSSED
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outstanding balances of amortization bases established pursuant to Items (i) through1
(iv) of this Subparagraph before Fiscal Year 2000-2001, shall be amortized as a level2
dollar amount from July 1, 2004, through June 30, 2029. Beginning with Fiscal Year3
2003-2004, and for each fiscal year thereafter, the outstanding balances of4
amortization bases established pursuant to Items (i) through (iv) of this Subparagraph5
shall be amortized as a level dollar amount.6
* * *7
C.(1) This Subsection shall be applicable to the Louisiana State Employees'8
Retirement System effective for the June 30, 2010, system valuation and beginning9
Fiscal Year 2011-2012. For purposes of this Subsection, "plan" or "plans" shall10
mean a subgroup within the system characterized by the following employee11
classifications:12
* * *13
(m) Members in the cash balance plan.14
* * *15
§542. Experience account16
A.17
* * *18
(2) The experience account shall be credited as follows:19
(a) To the extent permitted by Paragraph (3) of this Subsection and after20
allocation to the consolidated amortization bases as provided in R.S. 11:102.1, an21
amount not to exceed fifty percent of the remaining balance of the prior year's net22
investment experience gain attributable to Tier 1 assets as determined by the system's23
actuary.24
* * *25
C.26
* * *27
(4)28
* * *29 HLS 12RS-327 ENGROSSED
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(d) Except as provided in Subparagraph (c) of this Paragraph, in order to be1
eligible for any permanent benefit increase payable on or after July 1, 2009, there2
shall be the funds available in the experience account to pay for such an increase, and3
a retiree:4
* * *5
(iii) Shall be a member of Tier 1.6
(e) Except as provided in Subparagraph (c) of this Paragraph, a nonretiree7
beneficiary shall be eligible for the permanent benefit increase payable on or after8
July 1, 2009:9
* * *10
(iii) If the benefits are based on Tier 1 service.11
* * *12
§883.1. Experience account13
A.14
* * *15
(2) The experience account shall be credited as follows:16
(a) To the extent permitted by Paragraph (3) of this Subsection and after17
allocation to the consolidated amortization bases as provided in R.S. 11:102.2, an18
amount not to exceed fifty percent of the remaining balance of the prior year's net19
investment experience gain attributable to Tier 1 assets as determined by the system's20
actuary.21
* * *22
C.23
* * *24
(4)25
* * *26
(d) Except as provided in Subparagraph (c) of this Paragraph, in order to be27
eligible for any permanent benefit increase payable on or after July 1, 2009, there28 HLS 12RS-327 ENGROSSED
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shall be the funds available in the experience account to pay for such an increase, and1
a retiree:2
* * *3
(iii) Shall be a member of Tier 1.4
(e) Except as provided in Subparagraph (c) of this Paragraph, a nonretiree5
beneficiary shall be eligible for the permanent benefit increase payable on or after6
July 1, 2009:7
* * *8
(iii) If the benefits are based on Tier 1 service.9
* * *10
§1145.1. Employee Experience Account account11
A.(1) The Employee Experience Account experience account shall be12
credited as follows:13
(a) To the extent permitted by Paragraph (2) of this Subsection, an amount14
not to exceed fifty percent of the prior year's net investment experience gain15
attributable to Tier 1 assets as determined by the system's actuary.16
* * *17
C.18
* * *19
(4)(a) Except as provided in Subparagraph (c) of this Paragraph, in order to20
be eligible for the cost-of-living adjustment, there shall be the funds available in the21
Employee Experience Account experience account to pay for such an adjustment,22
and a retiree:23
* * *24
(iii) Shall be a member of Tier 1.25
(b) Except as provided in Subparagraph (c) of this Paragraph, a non-retiree26
beneficiary shall be eligible for the cost-of-living adjustment:27
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(iii) If benefits are based on Tier 1 service.1
* * *2
E. Effective July 1, 2007, the balance in the Employee Experience Account3
experience account shall be zero.4
* * *5
CHAPTER 7. CASH BALANCE PLAN FOR STATE RETI REMENT SYSTEMS6
§1399. Cash balance plan creation7
A. There is hereby created within each of the following state retirement8
systems a cash balance plan:9
(1) Louisiana State Employees' Retirement System.10
(2) Teachers' Retirement System of Louisiana.11
(3) Louisiana School Employees' Retirement System.12
B. The provisions of each system in effect on June 29, 2012, including any13
special plans, shall be known as "Tier 1".14
§1399.1. Cash balance plan membership15
A. Mandatory membership. The following employees whose first16
employment making them eligible for membership in one of the state systems17
occurred on or after July 1, 2013, shall be members of the cash balance plan of their18
respective systems:19
(1) Employees covered by the Louisiana State Employees' Retirement20
System who are not members of the Hazardous Duty Services Plan pursuant to R.S.21
11:612.22
(2) Employees covered by the Teachers' Retirement System of Louisiana23
who are employed by an institution of post-secondary education and who do not24
become members of the optional retirement plan.25
B. Optional membership. (1) Except as provided in Paragraph (2) of this26
Subsection, any employee who is a member of Tier 1 of his retirement system may27
at any time make an irrevocable election to join the cash balance plan of the28
retirement system on a prospective basis.29 HLS 12RS-327 ENGROSSED
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(2) No member of the Hazardous Duty Services Plan shall be permitted to1
elect to join the cash balance plan.2
§1399.2. Cash balance plan account accumulation3
A. Contributions. (1) Each employee shall contribute to the retirement4
system the amount specified in R.S. 11:62.5
(2) Employer contributions to each retirement system shall be as provided6
in R.S. 11:102.7
B. Credits. The cash balance plan member's account shall be credited with8
an amount equal to twelve percent of pay monthly. The credits shall include all9
employee contributions.10
C. Interest. (1) For the duration of service covered by the cash balance plan,11
interest shall be payable on the balance in the member's account on the last day of12
the fiscal year. The member's account shall be credited with interest at an annual rate13
equal to the system's actuarial rate of return on investments, after smoothing, for that14
fiscal year less one hundred basis points.15
(2) No interest shall be credited after the member separates from service16
covered by the cash balance plan of his retirement system.17
(3) In no case shall the balance in the employee's account be debited for18
investment losses.19
D. Withdrawal from the cash balance plan. A cash balance plan member20
who separates from employment covered by his retirement system may withdraw21
from the cash balance plan.22
(1) Upon application for withdrawal, an employee who has been a cash23
balance plan member for less than five years shall receive a refund of employee24
contributions without interest. The system shall retain all interest and any employer25
contributions.26
(2) Upon application for withdrawal, an employee who has been a cash27
balance plan member for five years or longer may receive a lump-sum payment of28
his account balance or the distribution of his total account balance in the form of a29 HLS 12RS-327 ENGROSSED
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trustee-to-trustee, single-sum transfer between qualified plans or as a payment made1
directly to a conduit individual retirement account. The employee may opt to leave2
his account balance with the system and draw an annuity pursuant to R.S. 11:1399.33
when he attains age sixty.4
(3)(a) A cash balance plan member shall not be eligible to utilize the years5
of his membership in the cash balance plan for purposes of reciprocal recognition of6
credited service pursuant to R.S. 11:142.7
(b) A cash balance plan member who elects to withdraw from the cash8
balance plan after becoming a member of another Louisiana public retirement system9
may execute the withdrawal provided in this Subsection pursuant to the provisions10
of R.S. 11:143 to transfer or reverse transfer his years of membership in the cash11
balance plan as service credit to another retirement system. However, the provisions12
of R.S. 11:143(C) shall not apply to such transaction; instead, the system from which13
the member is withdrawing shall transfer to the receiving system only the amount the14
member is entitled to receive pursuant to Paragraph (2) or (3) of this Subsection.15
The transfer shall be executed on an actuarial basis. If the funds transferred from the16
cash balance plan are insufficient to cover the actuarial liabilities created, the17
member shall pay the difference or receive actuarially reduced service credit, as18
provided in R.S. 11:143.19
(4) If a cash balance plan member dies without having withdrawn from the20
cash balance plan pursuant to this Subsection or annuitized his benefit pursuant to21
R.S. 11:1399.3, or if a member becomes disabled, the system shall pay to his22
designated beneficiary or to his estate a lump-sum payment of his account balance.23
§1399.3. Retirement eligibility; benefit calculation24
A. Eligibility for retirement. A cash balance plan member is eligible to draw25
an annuity with five years of membership in the cash balance plan at age sixty. The26
annuity payment amount shall be calculated as provided in Subsection B of this27
Section.28 HLS 12RS-327 ENGROSSED
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B. Annuitization of retirement benefit. (1) Upon application, any member1
meeting the qualifications in Subsection A of this Section may elect to receive an2
annuity in a retirement allowance payable throughout his life, or he may elect at that3
time to receive the actuarial equivalent of his retirement allowance in a reduced4
retirement allowance payable throughout life, pursuant to any retirement option5
provided for Tier 1 members of his system. The system shall annuitize and pay any6
such allowance chosen by the member.7
(2) No member of the cash balance plan shall be eligible to participate in any8
deferred retirement option plan or program or any similar retirement option that9
requires continued employment for participation, nor shall such a member be eligible10
to participate in any back-deferred retirement option plan or program. However, a11
cash balance plan member may participate in any initial benefit option, initial lump12
sum benefit option, or any similar retirement option designed to provide a reduced13
annuity in exchange for a lump-sum payment which is selected upon separation from14
service.15
§1399.4. Reemployment16
If, after withdrawing from the cash balance plan upon separation from service17
or after annuitizing his benefit, a cash balance plan member becomes reemployed in18
a position covered by the cash balance plan, the person's accumulation in the cash19
balance plan pursuant to R.S. 11:1399.2 shall begin again. However, the20
reemployment shall not affect the receipt of the lump sum or annuitized payments21
from the first cash balance account.22
§1399.5. Application23
The provisions of the applicable Tier 1 system or plan shall apply to the cash24
balance plan for any matter on which this Chapter is silent. In case of any conflict25
between the provisions of Tier 1 and the cash balance plan, the cash balance plan26
shall prevail.27
Section 2. (A) As soon as practicable after the effective date of this Act, the Public28
Retirement Systems Actuarial Committee shall meet to adopt a revised valuation for the29 HLS 12RS-327 ENGROSSED
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system prepared as provided in R.S. 11:102. This valuation shall include a revised employer1
contribution rate for each plan within the system to be utilized in the fiscal year which begins2
on July 1, 2012. This valuation shall incorporate all changes enacted by the legislature in3
the 2012 Regular Session of the Legislature of Louisiana. 4
(B) The Public Retirement Systems Actuarial Committee may adopt an actuarial5
valuation or revised employer contribution rate to be utilized in the fiscal year which begins6
on July 1, 2012, calculated in accordance with R.S. 11:102, which has been prepared on7
behalf of the division of administration by a member of the American Academy of Actuaries8
who meets the qualification requirements of the academy to issue a particular Statement of9
Actuarial Opinion.10
Section 3. Because the legislature finds and declares that questions of law may be11
raised concerning provisions of this Act, the public welfare requires that such questions of12
law be expeditiously resolved prior to such time as its provisions take effect to avoid13
disruption of the orderly implementation of its provisions. Therefore, the legislature finds14
that an expedited hearing schedule for actions filed relative to this Act should be15
immediately made available in order to avoid confusion by the public. Venue for any action16
shall be in the Nineteenth Judicial District. The attorney general and the governor shall be17
served with a copy of the proceeding and shall be entitled to be heard. In the interest of18
further expediting this procedure, courts are urged to minimize all unnecessary delays and19
to resolve any questions of law no later than thirty days prior to the prefiling deadline for20
retirement legislation for the 2013 regular legislative session. The courts may suspend all21
applicable rules of court for this limited purpose.22
Section 4. This Act shall become effective on June 30, 2012; if vetoed by the23
governor and subsequently approved by the legislature, this Act shall become effective on24
June 30, 2012, or on the day following such approval by the legislature, whichever is later.25 HLS 12RS-327 ENGROSSED
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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. 61
Abstract: Creates a cash balance retirement plan for certain members of the La. State
Employees' Retirement System (LASERS), the Teachers' Retirement System of La.
(TRSL), and the La. School Employees' Retirement System (LSERS).
Proposed law provides for a cash balance retirement plan (CBP) for certain members
LASERS, TRSL, and LSERS.
Proposed law requires non-hazardous duty new members of LASERS and postsecondary
education new members of TRSL, hired on or after July 1, 2013, to be members of the CBP.
Proposed law permits employees of LASERS, TRSL, and LSERS, except members of the
Hazardous Duty Services Plan of LASERS, to opt into the CBP.
Proposed law establishes an annual credit of 12% to the CBP member's account. This 12%
includes the employee's contribution. Provides for an interest credit annually to each
member's account of the system's actuarial rate of return, after smoothing, less 1%. Provides
the CBP member's account cannot be debited for losses.
Proposed law further provides for withdrawal by an employee from the CBP. If a member
with less than five years withdraws from the plan, he will receive a refund of all employee
contributions, without interest. If a member with five years or more withdraws from the
plan, he is entitled to receive the entirety of the balance of his account, either in a lump sum
or as a direct transfer to another qualified plan or individual retirement account. Such
employee may also opt to leave his account balance with the system and draw an annuity
pursuant to proposed law when the member attains age 60.
Proposed law provides that a CBP member may not use his years of service in the CBP for
reciprocal recognition of service under present law. Provides that a member may transfer
his years of service to another La. public retirement system should he become a member of
such system. Should a member elect this option, the difference between the cost of his
accrued years in the new system versus the amount in his CBP account will be calculated
and the member may pay the difference in order to realize the total number of years, or he
may take a transfer of the number of years his account balance will buy in the new system.
Proposed law provides for death, disability, and survivor benefits. If a CBP member dies
without withdrawing from the plan or annuitizing his benefit, or if he becomes disabled, his
designated beneficiary or his estate shall receive a lump-sum payment of his account
balance.
Proposed law provides for annuitization of a CBP member's benefit. A member is eligible
for an annuity if he has at least five years of membership in the CBP and has attained age
60. Provides further that the member may elect to receive an annuity throughout his life or
he may elect to receive the actuarial equivalent of his retirement allowance as a reduced
retirement allowance payable throughout his life pursuant to any retirement option provided
in present law for defined benefit plan members. Provides that the system shall annuitize
and pay any such allowance chosen by the member. HLS 12RS-327 ENGROSSED
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are additions.
Proposed law prohibits a CBP member from participating in the Deferred Retirement Option
Program (DROP) or any similar program that requires continued employment for
participation. Nor shall any CBP member be eligible for Back-DROP.
Proposed law authorizes a CBP member to elect an initial benefit option, an initial lump sum
benefit option, or any similar retirement option designed to provide a reduced annuity in
exchange for a lump-sum payment upon separation of service.
Under proposed law, if a CBP member withdraws from the plan or annuitizes his benefit and
then becomes reemployed in a position covered by the CBP, he shall start over from zero in
terms of time in the CBP and benefit accruals. Such reemployment will not, however, affect
his receipt of the lump sum or annuity from his first cash balance account.
Proposed law provides that the defined benefit plan provisions shall apply to the CBP for
any matter on which the CBP provisions are silent. In case of conflict between the defined
benefit plan provisions and the CBP provisions, the CBP provisions control.
Further provides that the Public Retirement Systems Actuarial Committee (PRSAC) shall
meet as soon as practicable after the effective date of the Act to adopt a revised valuation for
the system. Such revised valuation shall include a revised employer contribution rate for
each plan within the system to be utilized in FY 2012-2013. Requires the revised valuation
to take into account all changes enacted by the legislature in the 2012 R.S. Further
authorizes PRSAC at such meeting to adopt a valuation prepared on behalf of the division
of administration by a qualified actuary.
Provides for an expedited hearing in the courts for any legal issues raised in relation to the
Act. Establishes venue in the 19
th
Judicial District. Requires that the attorney general and
the governor be given notice and an opportunity to be heard. Requests a final disposition
of legal issues at least 30 days prior to the prefiling deadline for the 2013 R.S.
Effective June 30, 2012.
(Amends R.S. 11:62(4)(intro. para.), (5)(intro. para.), and (11)(intro. para.), 102(B)(1) and
(3)(a) and (d)(v), (vi), and (vii), 542(A)(2)(a), 883.1(A)(2)(a), and 1145.1(A)(1)(intro. para.)
and (a), (C)(4)(a)(into. para.), and (E); Adds R.S. 11:62(4.1), (5.1), and (11.1),
102(C)(1)(m), 542(C)(4)(d)(iii) and (e)(iii), 883.1(C)(4)(d)(iii) and (e)(iii),
1145.1(C)(4)(a)(iii) and (b)(iii), and 1399-1399.5)
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Retirement to the original
bill.
1. Changes the date the Cash Balance Plan (CBP) becomes mandatory from Jan. 1,
2013 to July 1, 2013.
2. Removes a prohibition on members who would have been in the Hazardous Duty
Plan if they had been hired after Dec. 31, 2010, from opting into the CBP.
3. Authorizes a CBP member who has more than five years of membership in the
plan upon withdrawal from the plan to take the total of his account balance as a
direct transfer to another qualified retirement plan or an individual retirement
account.
4. Requires the system to annuitize and pay any retirement option elected by a
qualified CBP member. HLS 12RS-327 ENGROSSED
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5. Requires the valuation to be adopted by the Public Retirement Systems Actuarial
Committee (PRSAC) to take into account all changes enacted by the legislature
in the 2012 R.S.
6. Authorizes PRSAC to adopt for FY 2012-2013 an actuarial valuation or revised
employer contribution rate prepared on behalf of the division of administration
by a qualified actuary.
7. Adds an expedited hearing provision regarding legal challenges to the Act.