ENROLLED
ACT No. 650
2016 Regular Session
HOUSE BILL NO. 54
BY REPRESENTATIVE FOIL
1 AN ACT
2 To amend and reenact R.S. 11:42(B)(introductory paragraph) and (2), relative to certain
3 unfunded accrued liabilities of the Clerks of Court Retirement and Relief Fund; to
4 provide with respect to payments on such debt; 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.
8 Be it enacted by the Legislature of Louisiana:
9 Section 1. R.S. 11:42(B)(introductory paragraph) and (2) are hereby amended and
10 reenacted to read as follows:
11 ยง42. Unfunded accrued liabilities; amortization
12 * * *
13 B. The provisions of this Subsection shall be implemented and accomplished
14 by the governing authorities of the state and statewide public retirement systems as
15 set forth herein follows.:
16 * * *
17 (2) Clerks' of Court Retirement and Relief Fund. The unfunded accrued
18 liability, as of June 30, 1989, determined under the funding method specified in R.S.
19 11:22(B)(2), shall be amortized over a forty-year period, commencing with fiscal
20 year Fiscal Year 1989-1990, with payments forming an annuity increasing at four
21 and three-quarters percent annually. However, effective for the June 30, 2016,
22 valuation and beginning July 1, 2016, the outstanding balance of this unfunded
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HB NO. 54 ENROLLED
1 accrued liability shall be amortized over the remaining thirteen-year period,
2 commencing with Fiscal Year 2016-2017, with annual level-dollar payments.
3 * * *
4 Section 2. This Act shall become effective upon signature by the governor or, if not
5 signed by the governor, upon expiration of the time for bills to become law without signature
6 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
7 vetoed by the governor and subsequently approved by the legislature, this Act shall become
8 effective on the day following such approval.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.