Senate Bill No. [insert bill number] aims to amend the Louisiana State Police Retirement System by adjusting the funding mechanism for benefit increases for retirees, beneficiaries, and survivors. The bill specifically modifies R.S. 11:102(F)(4)(b) to establish that beginning July 1, 2024, if the projected aggregate employer contribution rate decreases, the Average Final Compensation (AFC) rate will increase permanently by the lesser of half the decrease in the projected employer contribution rate or the amount necessary for the AFC rate to reach 3.5%. This change replaces the previous cap of 2.5% with the new cap of 3.5%.

Additionally, the bill stipulates that the costs associated with these changes will be funded through increased employer contributions, in accordance with Article X, Section 29(F) of the Louisiana Constitution. The act will take effect upon the governor's signature or after the designated time for gubernatorial action if not signed.

Statutes affected:
SB11 Original: 11:102(F)(4)