Senate Bill No. 10, introduced by Senator Price and Representative Bacala, amends the Louisiana State Police Retirement System by modifying the determination of employer contributions and the amortization of certain actuarial gains. The bill specifically amends the introductory paragraph of R.S. 11:102(B)(1)(a) to change the method for calculating the employer contribution rate for the Louisiana State Police Retirement System. It also repeals R.S. 11:102(F)(3), 102.4, and 1332, which previously governed the application of excess investment returns to the amortization base and the mechanisms for crediting and debiting the experience account based on investment gains and losses.

The proposed changes eliminate the requirement for excess investment returns to be applied to the amortization base and remove the "priority amount" and "priority allocation" mechanisms. Additionally, the bill removes provisions related to the account funding contribution rate, which was previously a component of the employer contribution rate used to fund permanent benefit increases for retirees. The bill will take effect upon the governor's signature or after the expiration of the time for bills to become law without signature.

Statutes affected:
SB10 Original: 11:102(B)(1), 11:102(F)(3)