Senate Bill No. by Senator Price aims to amend the Teachers' Retirement System of Louisiana by modifying the calculation of employer contributions and the amortization of certain actuarial gains. The bill specifically amends R.S. 11:102.2(A)(4)(c)(iv) to terminate the provision regarding the secondary priority amount for the first valuation after the original amortization base is liquidated. Additionally, it enacts R.S. 11:102.2(A)(5)(a), which establishes new guidelines for reamortizing the net remaining liability of any amortization base once the system achieves a funded percentage of eighty or more.

Furthermore, the bill repeals several existing provisions, including R.S. 11:102.2(A)(4)(c)(v) and (e)(ii) and (iii), which pertain to the adjustments of the secondary and residual priority amounts based on the system's actuarial value of assets. The proposed changes are intended to streamline the process of determining employer contributions and managing the unfunded accrued liability within the Teachers' Retirement System. The bill will take effect upon the governor's signature or after the designated time for gubernatorial action.

Statutes affected:
SB13 Original: 11:2(A)(4)