Senate Bill No. 16, introduced by Senator Price and Representative Bacala, amends the educational requirements for members of the boards of trustees of various Louisiana public retirement systems. The bill specifically modifies the number of required training hours that trustees must complete annually. Under the new provisions, the required hours for investment training will decrease from eight to seven hours, actuarial science education from four to two hours, and education on the laws, rules, and regulations applicable to their system from two hours to one hour. Additionally, the bill maintains the requirement for two hours of instruction on fiduciary duty and ethics.

The changes will take effect on August 31, 2026, and apply to all members of the specified retirement system boards. The bill also stipulates that any member newly elected or appointed to the board on or after June 1 will only need to comply with the provisions outlined in Paragraph (4) of the relevant subsection. This legislation aims to streamline the educational requirements while still ensuring that trustees receive essential training relevant to their roles.

Statutes affected:
SB16 Original: 11:185(D)(3)
SB16 Engrossed: 11:185(D)(3)