Louisiana House Bill HCR59

Louisiana 2012 Regular Session

• Introduced: 3/28/12
• Refer: 3/29/12
• Report Pass: 5/8/12
• Engrossed: 5/21/12
• Refer: 5/22/12

Caption

Requires presiding officers to prominently display the most recently calculated amount of the total amount of Unfunded Accrued Liability for the state retirement systems on the homepage of the joint legislative website

Impact

The resolution is significant as it seeks to address public concerns regarding the financial health of state retirement systems, which is crucial for both current beneficiaries and future retirees. By making the UAL visible, HCR59 emphasizes the state's commitment to fiscal responsibility and transparency, which could potentially restore confidence among current and future employees regarding their retirement benefits. This move also aligns with wider efforts to hold the government accountable for its financial obligations.

Summary

HCR59, a House Concurrent Resolution proposed by Representative Carmody, aims to enhance transparency related to the financial status of state retirement systems by requiring presiding officers of the legislature to prominently display the total amount of Unfunded Accrued Liability (UAL) on the homepage of the joint legislative website. The resolution mandates that this displayed amount should reflect the most recent actuarial evaluation, ensuring that both legislators and the public have immediate access to this crucial financial information, as well as links for further explanation and pending legislation addressing the UAL.

Sentiment

The sentiment around HCR59 appears to be predominantly positive, reflecting a widespread agreement on the need for greater financial transparency. Supporters argue that the resolution represents a necessary step towards better governance and financial literacy among lawmakers and the public. Given the context of an ongoing conversation about the sustainability of public pensions in Louisiana, the bill serves as a proactive measure to inform stakeholders about pressing financial issues.

Contention

While there seems to be broad support for HCR59, some may raise concerns regarding its feasibility and the necessary updates to the legislative website. Notable points of contention might also include the implication of this display on legislative priorities and actions towards addressing the UAL, as the immediate visibility of the debt could pressure legislators to find solutions more rapidly. Nonetheless, the overall intent of the resolution is to underscore the importance of transparency in managing the state’s financial future.