ENROLLED
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ACT No. 402
Regular Session, 2014
HOUSE BILL NO. 24
BY REPRESENTATIVE PEARSON
AN ACT1
To amend and reenact R.S. 11:103(B)(3)(e)(ii) and (iv) and (E) and to repeal R.S.2
11:103(B)(3)(e)(i)(bb), relative to amortization schedules of the Municipal Police3
Employees' Retirement System; to provide relative to the duration of such schedules;4
to provide for the combination and reamortization of existing schedules as of a5
certain date; to provide relative to the calculation of employer contribution rates for6
the system; to repeal outdated provisions; and to provide for related matters.7
Notice of intention to introduce this Act has been published8
as provided by Article X, Section 29(C) of the Constitution9
of Louisiana.10
Be it enacted by the Legislature of Louisiana:11
Section 1. R.S. 11:103(B)(3)(e)(ii) and (iv) and (E) are hereby amended and12
reenacted to read as follows: 13
ยง103. Employer contributions; determination; statewide systems14
* * *15
B.16
* * *17
(3) The actuarially required employer contribution for each fiscal year shall18
be that dollar amount equal to the sum of:19
* * *20 ENROLLEDHB NO. 24
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(e) That fiscal year's payment, calculated as of the first of that fiscal year and1
projected to the middle of that fiscal year at the actuarially assumed interest rate,2
necessary to amortize changes in actuarial liability due to:3
* * *4
(ii)(aa) Except as provided in Subitem (bb), changes Changes in actuarial5
assumptions or the method of valuing of assets, such payments to be computed as6
level dollar amounts over a period of fifteen years from the year of occurrence of the7
change.8
* * *9
(iv)(aa) Except as provided in Subitem (bb), changes Changes in actuarial10
accrued liability, computed using the actuarial funding method as specified in R.S.11
11:22, due to legislation changing plan provisions, such payments to be computed12
in the manner and over the time period specified in the legislation creating the13
change or, if not specified in such legislation, as level dollar amounts over a period14
of fifteen years from the year of occurrence of the change.15
* * *16
E.(1) The boards of trustees of the Municipal Police Employees' Retirement17
System and the Firefighters' Retirement System shall consider increasing the18
actuarially assumed rates of return for their respective systems. Each board shall19
meet on or before July 31, 2005, to consider this issue. Each board shall report in20
writing to the House and Senate Committees on Retirement and to the Public21
Retirement Systems' Actuarial Committee the results of its consideration and the22
recommendations of the board, if any.23
(2) If either or both boards make recommendations, the Public Retirement24
Systems' Actuarial Committee shall meet on or before August 31, 2005, to discuss25
and take action on such recommendations. For the Municipal Police Employees'26
Retirement System, for the fiscal year commencing July 1, 2014, all amortization27
credit and charge bases existing as of June 30, 2014, shall be combined, offset, and28
reamortized over a twenty-year period with level payments commencing July 1,29
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Section 2. R.S. 11:103(B)(3)(e)(i)(bb) is hereby repealed in its entirety.1
Section 3. This Act shall become effective upon signature by the governor or, if not2
signed by the governor, upon expiration of the time for bills to become law without signature3
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If4
vetoed by the governor and subsequently approved by the legislature, this Act shall become5
effective on the day following such approval.6
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: