Louisiana Senate Bill SB21

Louisiana 2020 Regular Session

• Introduced: 1/24/20
• Refer: 1/24/20
• Refer: 3/9/20

Caption

Provides relative to public retirement systems. (6/30/20) (OR NO IMPACT APV)

Impact

In terms of fiscal impact, SB 21 is expected to have no measurable effects on the financial operations of retirement systems, as confirmed by actuarial analyses. The bill maintains the status quo regarding benefits and costs, meaning it will not create additional financial burdens or savings for state or local governments. Its primary contribution lies in enhancing the legislative oversight of public retirement systems through consistent and timely reporting.

Summary

Senate Bill 21 focuses on improving the submission timeline for actuarial valuation reports and financial statements pertaining to public retirement systems in Louisiana. The bill mandates that these documents be submitted to the appropriate legislative committees within 10 days of the system's board approving the report, a significant reduction from the previous requirement of 30 days prior to the regular legislative session. This change is intended to promote efficiency and ensure timely access to important financial data concerning retirement systems.

Sentiment

Overall, the sentiment around SB 21 is neutral to positive, as legislators generally support efforts aimed at increasing transparency and accountability in public finances. Though the bill did not invoke significant public or opposition debate, it aligns with broader initiatives aimed at improving governance in state-funded programs. The absence of contention during discussions indicates a consensus on the importance of timely reporting and legislative review.

Contention

While the bill was largely uncontentious, it highlights a critical aspect of legislative operations when it comes to the oversight of public funds and retirement systems. Discussion around the bill underscored the necessity for efficient information flows to enhance regulatory oversight without overburdening the retirement systems with excessive reporting requirements. Thus, SB 21 represents a legislative effort to strike a balance between the needs for transparency and the operational realities of public retirement systems.