HLS 15RS-373 ORIGINAL
2015 Regular Session
HOUSE BILL NO. 48
BY REPRESENTATIVE THIBAUT
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
RETIREMENT/ASSESSORS: Provides relative to the authority of the Louisiana Assessors'
Retirement Fund to fund cost-of-living increases with funding deposit account
balances
1 AN ACT
2To amend and reenact R.S. 11:107.1(D), relative to funding deposit accounts established
3 within certain statewide retirement systems; to provide relative to authorized uses of
4 account funds; and to provide for related matters.
5 Notice of intention to introduce this Act has been published
6 as provided by Article X, Section 29(C) of the Constitution
7 of Louisiana.
8Be it enacted by the Legislature of Louisiana:
9 Section 1. R.S. 11:107.1(D) is hereby amended and enacted to read as follows:
10 ยง107.1. Funding deposit account
11 * * *
12 D.(1) Beginning with the first valuation on or after December 31, 2008, the
13 board of trustees of each system may in any fiscal year direct that funds from the
14 account be charged for the following purposes:
15 (1)(a) To reduce the unfunded accrued liability as prescribed in this Subpart.
16 (2)(b) To reduce the present value of future normal costs for systems using
17 an aggregate funding method.
18 (3)(c) To pay all or a portion of any future net direct employer contributions.
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CODING: Words in struck through type are deletions from existing law; words underscored
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HB NO. 48
1 (2) In addition to the authority granted pursuant to Paragraph (1) of this
2 Subsection, the Assessors' Retirement Fund may use funding deposit account
3 balances to provide for cost-of-living increases.
4 * * *
5 Section 2. This Act shall become effective on June 30, 2015; if vetoed by the
6governor and subsequently approved by the legislature, this Act shall become effective on
7June 30, 2015, or on the day following such approval by the legislature, whichever is later.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 48 Original 2015 Regular Session Thibaut
Abstract: Authorizes the board of trustees of the La. Assessors' Retirement Fund (ASSR)
to fund cost-of-living increases from amounts accumulated in the system's Funding
Deposit Account.
Present law (R.S. 11:105 - 107) authorizes certain statewide retirement systems to modify
employer contribution rates in certain circumstances. While specific authorizations differ
by system, generally the systems are given the authority to:
(1)Hold employer contribution rates at last year's higher level.
(2)Set the employer contribution rate up to 3% above the recommended rate.
(3)Set the employer contribution rate somewhere between the new lower rate and last
year's higher rate.
Further requires that any monies collected from such increase be used in the following order:
(1)Pay down system UAL.
(2)Decrease employer contribution rates.
Proposed law retains present law.
Present law (R.S. 11:107.1) establishes a funding deposit account within each of the
following retirement systems:
(1)Assessors' Retirement
(2)Clerks' of Court
(3)Municipal Employees'
(4)Parochial Employees'
(5)Registrars of Voters'
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CODING: Words in struck through type are deletions from existing law; words underscored
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HB NO. 48
Funds collected through exercise of present law authority to increase employer contribution
rates are deposited into these funding deposit accounts. Present law authorizes the named
systems to use funds in their account to pay system UAL or decrease employer contribution
rates. Proposed law retains present law.
Proposed law grants ASSR additional authority to fund cost-of-living increases with funding
deposit account balances.
Effective June 30, 2015.
(Amends R.S. 11:107.1(D))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.