Louisiana Senate Bill SB14

Louisiana 2014 Regular Session

• Introduced: 3/10/14
• Refer: 3/10/14
• Report Pass: 3/17/14
• Refer: 3/18/14
• Report Pass: 3/24/14
• Engrossed: 4/1/14
• Refer: 4/2/14
• Report Pass: 5/7/14
• Enrolled: 5/29/14
• Chaptered: 6/5/14
• Passed: 6/5/14

Caption

Provides for the determination of liabilities of the Louisiana School Employees' Retirement System and the payment therefor. (6/30/14) (EN +$4,613,318 FC LF EX)

Impact

The enactment of SB 14 is poised to have significant implications for the financial management of the Louisiana School Employees' Retirement System. By establishing a clear framework for the amortization of liabilities, and specifically mandating a thirty-year period for certain adjustments, the bill aims to promote fiscal stability and transparency within the retirement system. Employers will have a clearer understanding of their financial commitments, which could lead to improved budgeting and planning for school districts.

Summary

Senate Bill 14, introduced by Senator Guillory, focuses on amending the liabilities of the Louisiana School Employees' Retirement System. The bill sets forth a structure for how these liabilities are determined and specifies how employer contributions toward these liabilities should be handled. The primary goal is to ensure that the financial obligations of the retirement system are met effectively, thereby securing the retirement benefits of school employees throughout Louisiana.

Sentiment

Overall sentiment surrounding SB 14 appears to be positive, reflecting a consensus on the need for effective management of retirement liabilities. There are no recorded votes against the bill, signaling broad support among legislators. This unopposed nature suggests that stakeholders view the revisions as beneficial, potentially enhancing confidence in the retirement system among employees and employers alike.

Contention

While the bill does not appear to have significant opposition, discussions may arise regarding the specific terms of amortization and the impact on school funding. Critics could raise concerns about the long-term financial implications of consolidated amortization bases, especially considering varying economic conditions in the future. The bill's potential effects on educational budgets and the broader implications for retirement benefit stability are points that may warrant further examination as it moves through the legislative process.