Louisiana Senate Bill SB9

Louisiana 2018 Regular Session

• Introduced: 1/22/18
• Refer: 1/22/18
• Refer: 3/12/18
• Report Pass: 3/13/18
• Engrossed: 3/15/18
• Refer: 3/19/18
• Report Pass: 4/18/18
• Enrolled: 5/8/18
• Chaptered: 5/15/18
• Passed: 5/15/18

Caption

Provides for determination of credits to be made to the experience account. (2/3 - CA10s29(F)) (6/30/18) (EN INCREASE APV)

Impact

The changes articulated in SB9 will have a direct impact on how benefits are managed within the State Police Retirement System. By linking the ability to provide permanent benefit increases to the funding level of the retirement system, the bill ensures that benefits can only be improved when the system is sufficiently funded. This could potentially lead to more stable long-term financial planning for the retirement system, as well as a clearer understanding for current and future state police officers regarding their retirement benefits.

Summary

Senate Bill No. 9 aims to amend the regulations regarding the experience account of the State Police Retirement System in Louisiana. The bill provides specific provisions for credits to the experience account, allowing for the accumulation of credits that fund supplemental permanent benefit increases. The proposed legislative changes are contingent upon the funding status of the retirement system, specifically its funding level being at least eighty percent to permit two permanent benefit increases, or one increase if below that threshold. The bill is intended to enhance the financial sustainability of benefits for state police officers.

Sentiment

Overall, discussions around SB9 seem to reflect a positive sentiment among legislators focused on ensuring the financial health of the State Police Retirement System. Proponents of the bill highlight its potential benefits in providing a structured approach to funding necessary benefits for police officers. Nevertheless, there are also concerns about how these funding mechanisms might affect the overall capacity to provide benefits as the system evolves.

Contention

Some points of contention might arise from the interpretation of the criteria for benefit increases, particularly the eighty percent funding requirement. Critics may argue that such stipulations could limit the ability to provide necessary benefits during times when funding might fluctuate due to economic conditions. There may also be debate regarding the impact of additional employer contributions required to fund the legislation, as stakeholders weigh the burden on employers versus the need for adequate compensation for state police.