House Bill No. [insert bill number] amends the existing law regarding the Sheriffs' Pension and Relief Fund (SPRF) by modifying the provisions related to employer contributions. Specifically, it allows the board of trustees to set a net direct contribution rate that can be up to three percent higher than the rate established in R.S. 11:103. Additionally, the bill introduces a new provision that mandates all surplus funds collected in any fiscal year, where the employer contribution rate exceeds the minimum recommended rate, to be credited to the funding deposit account.

The bill retains the current framework for the funding deposit account, which is designed for the accumulation of employer contributions that exceed the required rate. The funds in this account can be utilized for various purposes, including reducing unfunded accrued liabilities, covering future normal costs, and providing cost-of-living increases. The proposed changes aim to enhance the financial stability of the SPRF by allowing for greater flexibility in employer contributions and ensuring that surplus funds are effectively managed. The bill will take effect upon the governor's signature or after the designated period for gubernatorial action.

Statutes affected:
HB35 Original: 11:1(A)(3)