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 54 Original 2016 Regular Session Foil
Abstract: Reamortizes the initial unfunded accrued liability (IUAL) of the Clerks of Court
Retirement and Relief Fund as a level-dollar payment over the remaining life of the original
IUAL amortization schedule.
Present law establishes an amortization schedule for certain statewide retirement systems for their
unfunded accrued liability existing as of the end of the system's fiscal year in 1989 (IUAL).
Proposed law retains present law.
Present law for the Clerks of Court system establishes a 40-year amortization schedule for its IUAL
debt. Proposed law retains present law.
Present law for the Clerks of Court system establishes an increasing payment schedule for the IUAL
debt (4.75% annual increase). Proposed law eliminates the increasing payment schedule. Proposed
law reamortizes the remaining balance of the original IUAL schedule as a level-dollar payment over
the remainder of the original 40-year payment period.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 11:42(B)(intro. para.) and (2))