Requires the Public Retirement Systems' Actuarial Committee to report to the legislature (RE +44,300 FC GF EX)
Impact
The bill will impose new reporting obligations on PRSAC and the legislative auditor, leading to increased administrative costs of approximately $44,300 annually. Despite this, it will not alter existing benefits for members of retirement systems or result in any new financial liabilities. Over a five-year period, the total fiscal cost associated with the implementation of HB 12 is projected to reach $221,500, all of which will impact the state’s general fund. However, it is expected to have no significant impact on revenues for any government entity within Louisiana.
Summary
House Bill 12 mandates that the Public Retirement Systems’ Actuarial Committee (PRSAC) submit detailed reports to the legislature, including all assumptions and valuations related to state retirement systems. This proposal aims to enhance transparency and oversight of the financial health of retirement plans, thereby allowing lawmakers to make more informed decisions regarding these systems. The enhanced reporting is intended to inform the legislature about potential financial disparities among various retirement systems, promoting accountability and clarity in state management of retirement benefits.
Sentiment
The sentiment surrounding HB 12 appears generally supportive among legislators who see the value in increased transparency and legislative oversight. However, some concerns may arise regarding the additional fiscal burden imposed by the new obligations. Overall, the response indicates a consensus around the necessity for accountability in public retirement management, although there could be debates about the sufficiency of resources for compliance.
Contention
While HB 12 is straightforward in its intentions, there could be discussions among stakeholders on the adequacy of existing resources to fulfill the new requirements. Critics might express concern about the administrative costs and whether such expenditures are justifiable in the context of budgetary constraints. Furthermore, while no immediate benefits changes are anticipated, the bill does highlight broader discussions about the adequacy of current retirement benefits and the potential need for reform in Louisiana's retirement systems.
Provides for changes to the sound recording investor tax credit and provides for the amount of the expenditure verification report fee and deposit (EN DECREASE GF RV See Note)
Transfers the sound recording investor tax credit program from La. Economic Development to the Dept. of Culture, Recreation and Tourism and extends the duration of the program (EN DECREASE GF RV See Note)
Reduces the amount of certain tax credits beginning January 1, 2014, for income tax credits and January 1, 2015, for corporate franchise credits (RE INCREASE GF RV See Note)