Senate Bill No. by Senator Price aims to amend the Louisiana State Employees' Retirement System (LASERS) regulations concerning the payments toward the unfunded accrued liability and the amortization of certain actuarial gains. The bill specifically amends R.S. 11:102.1(A)(4)(c)(iv) to terminate the provision regarding the calculation of the secondary priority amount after the original amortization base is liquidated. Additionally, it enacts R.S. 11:102.1(A)(5) and repeals several existing provisions, including R.S. 11:102.1(A)(4)(c)(v), (e)(ii) and (iii), and (h) through (j), which pertain to the calculation of employer contributions and the treatment of contribution variances.

The proposed changes will streamline the amortization payment schedules and clarify the calculation of employer contributions and minimum contribution rates. The bill establishes that, effective for the June 30 valuation following the fiscal year in which the system first attains a funded percentage of 80% or more, the net remaining liability of any amortization base will be reamortized with annual level-dollar payments. This reamortization will occur every fifth fiscal year thereafter, ensuring a more consistent approach to managing the retirement system's liabilities. The act will take effect upon the governor's signature or after the expiration of the time for bills to become law without signature.

Statutes affected:
SB21 Original: 11:1(A)(4)