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Regular Session, 2014
SENATE BILL NO. 14
BY SENATOR GUILLORY
SCHOOL EMPLOYEES RET. Provides for the determination of system liabilities and the
payment therefor. (6/30/14)
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 provide for payment of such liabilities; to3
provide for employer contributions; to provide for an effective date; and to provide4
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. 11:102(B)(3)(d)(vi) is hereby amended and reenacted to read as8
follows: 9
ยง102. Employer contributions; determination; state systems10
* * *11
B.(1) * * *12
(3) With respect to each state public retirement system, the actuarially13
required employer contribution for each fiscal year, commencing with Fiscal Year14
1989-1990, shall be that dollar amount equal to the sum of:15
* * *16
(d) That fiscal year's payment, computed as of the first of that fiscal year and17 SB NO. 14
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projected to the middle of that fiscal year at the actuarially assumed interest rate,1
necessary to amortize changes in actuarial liability due to:2
* * *3
(vi) (aa) Except as provided in Subitem (bb) of this Item, Effective4
effective July 1, 2004, and beginning with Fiscal Year 2000-2001, the amortization5
period for the changes, gains, or losses of the Louisiana School Employees'6
Retirement System provided in Items (i) through (iv) of this Subparagraph shall be7
thirty years, or in accordance with standards promulgated by the Governmental8
Accounting Standards Board, from the year in which the change, gain, or loss9
occurred. The outstanding balances of amortization bases established pursuant to10
Items (i) through (iv) of this Subparagraph before Fiscal Year 2000-2001, shall be11
amortized as a level dollar amount from July 1, 2004, through June 30, 2029.12
Beginning with Fiscal Year 2003-2004, and for each fiscal year thereafter, the13
outstanding balances of amortization bases established pursuant to Items (i) through14
(iv) of this Subparagraph shall be amortized as a level dollar amount.15
(bb) All outstanding amortization bases in existence on June 30, 2014,16
including outstanding balances established pursuant to Subsection C of this17
Section, shall be consolidated and reamortized over the period ending June 30,18
2044, with level dollar payments, effective with the June 30, 2014, valuation.19
This Subsection shall not apply to amortization bases established after June 30,20
2014.21
* * *22
Section 2. This Act shall become effective on June 30, 2014; if vetoed by the23
governor and subsequently approved by the legislature, this Act shall become effective on24
June 30, 2014, or on the day following such approval by the legislature, whichever is later.25
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Margaret M. Corley.
DIGEST
Guillory (SB 14)
Present law, relative to the Louisiana School Employees' Retirement System (LSERS), SB NO. 14
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words in boldface type and underscored are additions.
provides for payments for liabilities of the system to be amortized over a 30-year period
from the year in which the liability occurred.
Present law provides for level dollar payments for all amortization bases except those for
fiscal years 2000-2001, 2001-2002, and 2002-2003. Provides for increasing payments for
the bases created in the three listed fiscal years.
Proposed law provides for all outstanding amortization bases of LSERS to be consolidated
and reamortized over a 30-year period with level dollar payments.
Effective June 30, 2014.
(Amends R.S. 11:102(B)(3)(d)(vi))