Louisiana Senate Bill SB673

Louisiana 2014 Regular Session

• Introduced: 4/1/14
• Refer: 4/2/14

Caption

Repeals provisions ruled unconstitutional related to Act 483 of the 2012 regular legislative session. (6/30/14) (OR NO IMPACT APV)

Impact

The repeal of the cash balance plan provisions will not have any fiscal or actuarial costs associated with it. According to the Actuarial Services Department of the Office of the Legislative Auditor, there will be no financial implications in terms of expenditures or revenues as a result of SB 673. The bill is intended solely for administrative clarity and compliance with the court's decision regarding the unconstitutionality of the previous law.

Summary

Senate Bill 673 aims to address the legal implications of a previous statute, Act 483, which was enacted during the 2012 regular session to establish a cash balance retirement plan. However, this act was deemed unconstitutional by the Louisiana Supreme Court in 2013. As a result, SB 673 is a technical bill that seeks to repeal and remove all references to the cash balance plan from Title 11 of the Revised Statutes of Louisiana. This legislative action reflects a necessary cleanup of the state's laws to align with judicial rulings.

Sentiment

The sentiment surrounding SB 673 tends to be neutral to positive among legislators, as its primary purpose is to rectify a statutory issue without imposing any financial burdens on the retirement systems or state employees. Given that the bill is a response to a court ruling, it is generally viewed as a necessary procedural step rather than a legislative effort with controversial implications.

Contention

There were minimal points of contention associated with SB 673 due to its technical nature. As the bill does not propose new changes or introduce any additional regulations, the focus remained primarily on ensuring legislation is consistent with existing legal frameworks. The absence of significant debate or opposition suggests that legislative members mostly recognize the importance of adhering to court decisions and maintaining clarity within state statutes.