The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
Brown (SB 283)
Proposed law creates the Louisiana Retirement Savings Plan (Plan), a retirement savings plan for
certain private sector employees, for the purpose of providing portable retirement and death
benefits.
Proposed law provides for legislative findings on the importance of retirement security.
Proposed law provides for a five-member board of trustees with terms of office concurrent with
the governor:
(1)The treasurer, ex officio, or his designee.
(2)One member appointed by the governor from a list of six nominees submitted by the
Louisiana Association of Business and Industry.
(3)One member appointed by the governor from a list of six nominees submitted by the
AFL-CIO.
(4)One member appointed by the speaker of the House of Representatives and one member
appointed by the Senate president from a list of six nominees submitted by the Louisiana
Association of Chamber of Commerce Executives.
Proposed law provides that the board shall select no fewer than three companies to be providers
for the Plan. Specifies that the providers shall manage assets with the objective of providing a
cost-effective stream of retirement income for each participant.
Proposed law requires each private employer in the state that does not offer another employer-
sponsored retirement savings plan to inform employees of the existence and details of the Plan
provided in proposed law. Specifies that the mandate does not apply to churches or to new or
small businesses.
Proposed law provides for employee and employer contributions to the Plan, selection of Plan
providers, termination of participation in the Plan, withdrawal of funds, and annuitization of
benefits.
Proposed law provides that Louisiana is not liable for and does not guarantee the funds or
benefits of the Plan.
Effective upon signature of the governor or lapse of time for gubernatorial action.