This bill amends and reenacts several sections of the Louisiana Revised Statutes related to the Municipal Police Employees' Retirement System and the Firefighters' Retirement System. Key changes include the requirement for employees opting out of membership to submit a notarized affidavit signed by the chief of police or mayor, and adjustments to the payment structure for unfunded accrued liabilities. Specifically, the bill modifies the timing of payments due from employers following the dissolution of a police or fire department, extending the deadline for certain payments from July 1, 2018, to July 1, 2025. Additionally, it introduces new definitions and clarifies the calculation of unfunded accrued liabilities based on employee counts.

The bill also repeals a specific provision regarding employer contributions and establishes new guidelines for determining the financial obligations of employers in the event of partial or full dissolution of their departments. It outlines how payments will be amortized and adjusted based on the number of participating employees, ensuring that the financial responsibilities are proportionate to the changes in department size. Overall, the legislation aims to streamline the processes related to retirement system contributions and liabilities while providing clearer definitions and timelines for compliance.

Statutes affected:
HB1237 Original: 11:157(C)(1), 11:1(A), 11:4(A)(2)
HB1237 Engrossed: 11:157(C)(1), 11:1(A), 11:4(A)(2)
HB1237 Reengrossed: 11:157(C)(1), 11:4(B), 11:1(A), 11:4(A)(2)
HB1237 Enrolled: 11:157(C)(1), 11:4(B), 11:2227(D)(2), 11:1(A), 11:4(A)(2)
HB1237 Act 922: 11:157(C)(1), 11:4(B), 11:2227(D)(2), 11:1(A), 11:4(A)(2)