Allows for credit for out-of-state full-time law enforcement service. (gov sig) (EN SEE ACTUARIAL NOTE APV)
Impact
The implications of SB1 represent a significant legislative change aimed at recognizing and valuing the service of law enforcement personnel who have worked out of state. By enabling these individuals to purchase credit, the bill attempts to create a more equitable retirement framework within the State Police Retirement System. This could potentially lead to a more attractive retirement option for law enforcement officers seeking to transition into Louisiana's system from other jurisdictions, which may help to retain or attract skilled law enforcement professionals.
Summary
Senate Bill 1 amends existing statutes regarding the State Police Retirement System by allowing members to purchase service credit for their out-of-state full-time law enforcement service. This amendment specifically targets individuals whose membership began on or before June 30, 2008, and who possess a minimum of ten years and six months of service credit. Members can purchase this service credit by covering the actuarial costs determined by the retirement system actuary, providing an opportunity for those with prior law enforcement experience to enhance their retirement benefits.
Sentiment
The sentiment surrounding SB1 appears to be generally positive, particularly among retired and current law enforcement personnel who see this bill as beneficial. They view the amendment as a recognition of their sacrifices and service, leading to improved retirement security. However, concerns may arise from those questioning the fiscal impacts of allowing such purchases on the retirement system's funding and solvency, as the additional potential liabilities need to be accounted for in the financial forecasting of the retirement fund.
Contention
One possible point of contention regarding SB1 is the mechanism for financing the out-of-state service credit purchases. The bill stipulates that the costs must be covered by member payments or additional employer contributions, which raises questions about the long-term sustainability of the retirement system. Stakeholders may debate whether the expenditures from such purchases could place an undesired burden on current system contributions or affect the overall health of the retirement fund.
Provides relative to the optional retirement plan and defined benefit plan for the Teachers' Retirement System of Louisiana (EN SEE ACTUARIAL NOTE APV)
To create the office of state public defender and transfer authority from the Louisiana Public Defender Board. (gov sig) (Item #7) (EN SEE FISC NOTE See Note)