ENROLLED
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ACT No. 23
Regular Session, 2014
HOUSE BILL NO. 42
BY REPRESENTATIVE PEARSON
AN ACT1
To amend and reenact R.S. 11:102(B)(3)(d)(vi), relative to the liabilities of the Louisiana2
School Employees' Retirement System; to establish accounts for the full or partial3
payment of such liabilities; to provide for credits to such accounts; to provide for4
application of funds from certain accounts toward such liabilities; to provide an5
effective date; and to provide for related matters.6
Notice of intention to introduce this Act has been published7
as provided by Article X, Section 29(C) of the Constitution8
of Louisiana.9
Be it enacted by the Legislature of Louisiana:10
Section 1. R.S. 11:102(B)(3)(d)(vi) is hereby amended and reenacted to read as11
follows:12
ยง102. Employer contributions; determination; state systems13
* * *14
B.15
* * *16
(3) With respect to each state public retirement system, the actuarially17
required employer contribution for each fiscal year, commencing with Fiscal Year18
1989-1990, shall be that dollar amount equal to the sum of:19
* * *20
(d) That fiscal year's payment, computed as of the first of that fiscal year and21
projected to the middle of that fiscal year at the actuarially assumed interest rate,22
necessary to amortize changes in actuarial liability due to:23
* * *24
(vi)(aa) Effective July 1, 2004, and beginning with Fiscal Year 2000-2001,25
the amortization period for the changes, gains, or losses of the Louisiana School26 ENROLLEDHB NO. 42
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Employees' Retirement System provided in Items (i) through (iv) of this1
Subparagraph shall be thirty years, or in accordance with standards promulgated by2
the Governmental Accounting Standards Board, from the year in which the change,3
gain, or loss occurred. The outstanding balances of amortization bases established4
pursuant to Items (i) through (iv) of this Subparagraph before Fiscal Year 2000-5
2001, shall be amortized as a level dollar amount from July 1, 2004, through June 30,6
2029. Beginning with Fiscal Year 2003-2004, and for each fiscal year thereafter, the7
outstanding balances of amortization bases established pursuant to Items (i) through8
(iv) of this Subparagraph shall be amortized as a level dollar amount.9
(bb) The unused balance remaining in the experience account on June 30,10
2013, after payment of a permanent benefit increase pursuant to the provisions of11
R.S. 11:1145.1, shall be credited in an amortization conversion account from which12
annual contributions required pursuant to the Act that originated as Senate Bill No.13
14 of the 2014 Regular Session of the Legislature shall be funded in whole or in part14
for the years July 1, 2014, through June 30, 2019. Effective June 30, 2019, all funds15
remaining in the amortization conversion account shall be amortized as a gain in16
accordance with Subitem (aa) of this Item.17
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Section 2. This Act shall take effect and become operative if and when the Act1
which originated as Senate Bill No. 14 of the 2014 Regular Session of the Legislature is2
enacted and becomes effective.3
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: