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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 ENROLLED
SENATE BILL NO. 50
BY SENATOR GUILLORY
AN ACT1
To amend and reenact R.S. 11:242(E)(introductory paragraph) and 2178(K) and to enact2
R.S. 11:2175.1(C)(4), relative to the Sheriffs' Pension and Relief Fund; to provide3
relative to permanent benefit increases; to provide for credits to the funding deposit4
account; to provide for 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)(introductory paragraph) and 2178(K) are hereby amended8
and reenacted and R.S. 11:2175.1(C)(4) is hereby enacted to read as follows: 9
§242. Cost-of-living adjustments; permanent benefit increases; restrictions10
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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
provided as authorized from a credit balance in that system's funding deposit18
account or the actuary for the system and the legislative auditor certify that the19
funded ratio of the system, fund, or plan as of the end of the previous fiscal year20
equals or exceeds the target ratio as of that date for that system, fund, or plan. If the21
legislative auditor disagrees with the determination of the system's actuary, the22
matter shall be determined by majority vote of the Louisiana Public Retirement23
Systems' Actuarial Committee. For purposes of this Subsection, the funded ratio and24
target ratio are as defined below:25
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ACT No. 721 SB NO. 50 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
§2175.1. Funding deposit account1
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C. Beginning with the June 30, 2009 valuation, the board of trustees may in3
any fiscal year direct that funds from the account be charged according to the4
following options:5
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(4) To provide for permanent benefit increases as provided for in R.S.7
11:2178(K).8
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§2178. Disability benefits; retirement benefits; death benefits10
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K. The board of trustees is authorized to use earnings on investments of the12
fund in excess of normal requirements or funding deposit account credit balances13
as determined by the actuary and approved by the board of trustees, to provide a14
cost-of-living permanent benefit increase for retired and disabled members and15
survivors who have been receiving benefits from the fund for one full calendar year16
prior to the granting of the cost-of-living increase.17
Section 2. This Act shall become effective on July 1, 2012; if vetoed by the governor18
and subsequently approved by the legislature, this Act shall become effective on July 1,19
2012, or on the day following such approval by the legislature, whichever is later.20
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: