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words in boldface type and underscored are additions.
Regular Session, 2013 ENROLLED
SENATE BILL NO. 13
BY SENATOR LONG
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
AN ACT1
To enact R.S. 11:1302.2, relative to the Louisiana State Police Retirement System; to2
provide for powers and duties of the board of trustees; to provide for coordination3
with federal tax qualification provisions; to provide for an effective date; and to4
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. 11:1302.2 is hereby enacted to read as follows: 8
ยง1302.2. Actuary; appointment; duties and powers; actuarial assumptions9
A.(1) The board of trustees shall designate an actuary who shall be a10
technical advisor of the board of trustees on matters regarding the operation of11
the retirement system created by the provisions of this Chapter, and shall12
perform such other duties as are required by law or by the board of trustees.13
(2) Beginning with the 2012-2013 fiscal year, and at least once in each14
five-year period thereafter, the actuary shall make an actuarial investigation15
into the mortality, service, and compensation experience of the members and16
beneficiaries of the retirement system, and shall make a valuation of the assets17
and liabilities of the system, and taking into account the result of such18
investigation and valuation, the board of trustees shall:19
(a) Adopt for the retirement system such mortality, service, and other20
ACT No. 287 SB NO. 13 ENROLLED
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tables as shall be deemed necessary.1
(b) Certify the rates of contribution payable by the state of Louisiana on2
account of new entrants at various ages.3
(3) On the basis of such tables as the board of trustees shall adopt, the4
actuary shall make an annual valuation of the assets and liabilities of the system5
created by this Chapter.6
(4) Any new tables and interest assumptions adopted in accordance with7
Subparagraph (2)(a) of this Subsection shall be applicable only with respect to8
persons who are members on the date of adoption. Tables in effect on the date9
of retirement shall remain applicable with respect to persons who retire prior10
to the adoption of new tables.11
B. (1) Effective June 30, 2013, unless different actuarial assumptions are12
formally adopted and disclosed, as provided in Paragraph (2) of this Subsection,13
the following assumptions shall determine the actuarial equivalents to be used14
in this retirement system:15
(a) Interest shall be compounded at the rate of seven and one-half16
percent per annum.17
(b) Annuity rates shall be determined on the basis of the RP-2000 Sex18
Distinct Mortality Table.19
(2) The board of trustees may authorize the use of interest and mortality20
rates in determining the actuarial equivalents which are different from the21
actuarial assumptions specified in Paragraph (1) of this Subsection. Any change22
in such actuarial assumptions shall be considered a part of the plan provisions23
of this retirement system and shall be considered an amendment to the plan24
provisions contained in this Section. In order to be effective, such change shall25
be formally adopted by the board of trustees as a rule or rules promulgated26
pursuant to the Administrative Procedure Act and disclosed to members of the27
retirement system.28
(3) No change in actuarial assumptions shall reduce a member's accrued29
benefit.30 SB NO. 13 ENROLLED
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Section 2. This Act shall become effective on June 30, 2013; if vetoed by the1
governor and subsequently approved by the legislature, this act shall become effective on2
June 30, 2013, or on the day following such approval by the legislature, whichever is later.3
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: