Senate Bill No. 10, introduced by Senator Price and Representative Bacala, aims to amend the Louisiana State Police Retirement System by modifying the determination of employer contributions and the amortization of certain actuarial gains. The bill amends the introductory paragraph of R.S. 11:102(B)(1)(a) to clarify the process for setting employer contribution rates for public retirement systems, while repealing several provisions, including R.S. 11:102(F)(3), which required that actuarial gains allocated to the experience account be recognized over a 10-year period, and R.S. 11:102.4, which established a priority allocation of excess investment returns for the Louisiana State Police Retirement System.

The proposed changes will eliminate specific criteria and procedures for permanent benefit increases (PBIs) within the Louisiana State Police Retirement System, including the conditions for granting PBIs, the determination of amounts based on funded percentages and investment returns, and the use of the experience account for funding these increases. 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:
SB10 Original: 11:102(B)(1), 11:102(F)(3)
SB10 Engrossed: 11:102(B)(1), 11:102(F)(3)