SLS 14RS-4 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2014
SENATE BILL NO. 3
BY SENATOR GUILLORY
RETIREMENT SYSTEMS. Dedicates certain revenue to fund the existing liabilities of and
retiree benefit enhancements for the four state retirement systems. (6/30/14)
AN ACT1
To provide for funding of state retirement systems; to authorize certain assessments; to2
dedicate certain revenue to payment of liabilities and funding of benefits of the3
systems; to specify application of the payments; to provide for an effective date; and4
to provide 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. (A) There is hereby created in the state treasury the State Retirement8
Fund. Notwithstanding any other provision of law in effect on the effective date of this Act9
or thereafter, the treasurer shall deposit into the State Retirement Fund the proceeds of any10
assessment authorized and levied pursuant to the provisions of this Act, after first having11
credited such amounts to the Bond Security and Redemption Fund as required by Article12
VII, Section 9(B) of the Louisiana Constitution, and any other monies the legislature may13
appropriate for deposit in the State Retirement Fund. 14
(B) Monies in the State Retirement Fund shall be used solely as provided for in this15
Act. At the end of each fiscal quarter, the treasurer shall distribute the monies accumulated16
in the State Retirement Fund to the four state retirement systems, allocated as follows:17 SB NO. 3
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(1) Louisiana State Employees' Retirement System 33.9%.1
(2) Teachers' Retirement System of Louisiana 59.7%.2
(3) Louisiana School Employees' Retirement System 4.7%.3
(4) Louisiana State Police Retirement System 1.7%.4
(C) Eighty percent of the monies appropriated to each retirement system shall be5
applied to liquidate the unfunded accrued liabilities of the system, as follows:6
(1) First, to the outstanding balance of the original amortization base, if any, without7
reamortization of the base, until the base is fully liquidated. 8
(2) Second, after the liquidation of any original amortization base, to the outstanding9
balance of the experience account amortization base, if any, without reamortization of the10
base, until the base is fully liquidated.11
(3) Third, after the liquidation of any experience account amortization base, to the12
balance of the oldest outstanding amortization base without reamortization of such base and13
until all such bases are fully liquidated.14
(D) Twenty percent of the monies appropriated shall be applied or credited by the15
retirement systems as follows: 16
(1) If the system has an experience account, the monies shall be credited to the17
system's experience account.18
(2) If the system has no experience account as a result of an Act of the legislature,19
the monies shall be applied to the outstanding balance of the amortization base, if any,20
created as a result of that Act, without reamortization of the base and until the base is fully21
liquidated.22
(3) If the system has no experience account and no amortization base created by the23
Act that eliminated the account, all monies shall be applied as provided in Subsection C of24
this Section.25
Section 2. The superintendent of the office of state police is hereby authorized to26
levy a transaction assessment on each and every game authorized pursuant to the provisions27
of the Louisiana Gaming Control Law, Title 27 of the Louisiana Revised Statutes of 1950,28
which is played for money, property, or any thing of value, including games played with29 SB NO. 3
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
cards, dice, or any electronic, electrical, or mechanical device or machine, slot machine,1
video draw poker device, or any other device or machine operated by insertion of a coin or2
cash, a token, or a similar object. This assessment shall be in addition to any fee, tax, levy,3
or other assessment in effect on the effective date of this Act. The assessment shall not4
exceed three cents per game or transaction. The proceeds of the assessment shall be5
deposited in the State Retirement Fund and allocated as provided in Section 1 of this Act.6
The authorization for this assessment, together with any assessment so levied, shall cease7
to be effective on the June thirtieth following adoption by the Public Retirement Systems'8
Actuarial Committee of valuations for the state systems containing a funded percentage9
calculation of ninety percent or more.10
Section 3. This Act shall become effective on June 30, 2014; if vetoed by the11
governor and subsequently approved by the legislature, this Act shall become effective on12
June 30, 2014, or on the day following such approval by the legislature, whichever is later.13
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Laura Gail Sullivan.
DIGEST
Proposed law authorizes the superintendent of state police to levy a transaction assessment
on each game authorized pursuant to present law, the Louisiana Gaming Control Law.
Provides that the assessment shall not exceed three cents per game or transaction. Specifies
that the assessment shall cease on the June 30th following adoption by the Public Retirement
Systems' Actuarial Committee of valuations for the four state systems determining the
systems are at least 90% funded.
Proposed law dedicates proceeds of the authorized assessment to liquidating the unfunded
accrued liabilities and to funding benefit increases for retirees of the four state retirement
systems.
Effective June 30, 2014.