SLS 12RS-138 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012
SENATE BILL NO. 50
BY SENATOR GUILLORY
SHERIFFS PEN/RELIEF FUND. Provides for permanent benefit increases for retirees of
the system. (7/1/12)
AN ACT1
To amend and reenact R.S. 11:242(E) and 2178(K) and to enact R.S. 11:2175.1(C)(4),2
relative to the Sheriffs' Pension and Relief Fund; to provide relative to permanent3
benefit increases; to provide for credits to the funding deposit account; to provide for4
an effective date; and to provide for related matters.5
Notice of intention to introduce this Act has been published.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 11:242(E) and 2178(K) are hereby amended and reenacted and R.S.8
11:2175.1(C)(4) is hereby enacted to read as follows: 9
§242. Cost-of-living adjustments; permanent benefit increases; restrictions10
* * *11
E. Notwithstanding any other provision of law to the contrary, commencing12
at the end of the retirement system's 1985-1986 fiscal year, unless thereafter13
specifically provided for by the legislature, any public retirement or pension system,14
fund, or plan covered by this Section shall not provide a cost-of-living adjustment15
or permanent benefit increase during any fiscal year until the lapse of at least16
one-half of the fiscal year, and unless either the funds for such increase are17 SB NO. 50
SLS 12RS-138 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
provided as authorized from a credit balance in that system's funding deposit1
account or the actuary for the system and the legislative auditor certify that the2
funded ratio of the system, fund, or plan as of the end of the previous fiscal year3
equals or exceeds the target ratio as of that date for that system, fund, or plan. If the4
legislative auditor disagrees with the determination of the system's actuary, the5
matter shall be determined by majority vote of the Louisiana Public Retirement6
Systems' Actuarial Committee. For purposes of this Subsection, the funded ratio and7
target ratio are as defined below:8
* * *9
§2175.1. Funding deposit account10
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C. Beginning with the June 30, 2009 valuation, the board of trustees may in12
any fiscal year direct that funds from the account be charged according to the13
following options:14
* * *15
(4) To provide for permanent benefit increases as provided for in R.S.16
11:2178(K).17
* * *18
§2178. Disability benefits; retirement benefits; death benefits19
* * *20
K. The board of trustees is authorized to use earnings on investments of the21
fund in excess of normal requirements or funding deposit account credit balances22
as determined by the actuary and approved by the board of trustees, to provide a23
cost-of-living permanent benefit increase for retired and disabled members and24
survivors who have been receiving benefits from the fund for one full calendar year25
prior to the granting of the cost-of-living increase.26
Section 2. This Act shall become effective on July 1, 2012; if vetoed by the governor27
and subsequently approved by the legislature, this Act shall become effective on July 1,28
2012, or on the day following such approval by the legislature, whichever is later.29 SB NO. 50
SLS 12RS-138 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
Present law authorizes the board of trustees of the Sheriffs' Pension and Relief Fund to
award cost-of-living adjustments (COLAs) to retirees and beneficiaries of the Fund.
Proposed law retains present law.
Present law provides for a funding deposit account for the Fund.
Proposed law retains present law.
Proposed law provides the board with authority to grant COLAs from the funding deposit
account.
Effective July 1, 2012.
(Amends R.S. 11:242(E) and 2178(K); adds R.S. 11:2175.1(C)(4))