This bill amends R.S. 11:143(C)(2) to clarify the process for transferring credits between public retirement systems in Louisiana. It specifies that when a person transfers their credit, the transferring system must send the receiving system an amount that includes all employee contributions and employer contributions. Notably, if the employer contribution is not a fixed percentage of the employee's earnings, the employer contribution must equal the employee contribution, along with interest calculated at the board-approved actuarial valuation rate, compounded annually.

Additionally, the bill introduces a new definition for "employer contributions" for systems governed by R.S. 11:102 or 103, stating that these contributions will be based on the actuarially required employer contributions as determined by the relevant statutes. The bill is set to take effect on June 30, 2024, unless vetoed by the governor and subsequently approved by the legislature, in which case it will take effect on the later of the two dates.

Statutes affected:
SB1 Original: 11:143(C)(2)
SB1 Engrossed: 11:143(C)(2)
SB1 Enrolled: 11:143(C)(2)
SB1 Act 46: 11:143(C)(2)