House Bill No. [insert bill number] aims to amend and reenact several provisions related to the Assessors' Retirement Fund, specifically focusing on cost-of-living increases and the authority of the board of trustees. The bill modifies R.S. 11:1404(A), 1461, and 1481(1)(b), while enacting R.S. 11:1485. Key changes include the replacement of "cost-of-living adjustments" with "cost-of-living increases," and the introduction of a funding deposit account to manage surplus funds. The board of trustees is granted the authority to determine the amount and timing of cost-of-living increases, which can now be implemented under specific conditions related to the system's funded ratio.

Additionally, the bill repeals several existing provisions (R.S. 11:105(A)(1), 106(A)(1), 107(A)(1), 107.1(A)(1), 242(B)(1), 243(A)(1), and 246(A)(1)) that may be outdated or redundant. The new language allows for more flexibility in employer contributions and the management of the funding deposit account, ensuring that funds can be utilized for cost-of-living increases and other financial obligations of the retirement system. The bill is set to take effect upon the governor's signature or after the expiration of the time for bills to become law without signature.

Statutes affected:
HB47 Original: 11:1404(A), 11:1481(1), 11:105(A)(1), 11:106(A)(1), 11:107(A)(1), 11:1(A)(1), 11:242(B)(1), 11:243(A)(1), 11:246(A)(1)
HB47 Engrossed: 11:1404(A), 11:1481(1), 11:105(A)(1), 11:106(A)(1), 11:107(A)(1), 11:1(A)(1), 11:242(B)(1), 11:243(A)(1), 11:246(A)(1)
HB47 Enrolled: 11:1404(A), 11:1481(1), 11:105(A)(1), 11:106(A)(1), 11:107(A)(1), 11:1(A)(1), 11:242(B)(1), 11:243(A)(1), 11:246(A)(1)