§ 11:105 — Employer contributions; maintaining rates

§105. Employer contributions; maintaining rates
A. The provisions of this Section shall apply to the following statewide public
retirement systems or funds, hereinafter referred to in this Section as "systems":
(1) The Assessors' Retirement Fund.
(2) The Clerks' of Court Retirement and Relief Fund.
(3) The Municipal Employees' Retirement System of Louisiana.
(4) The Parochial Employees' Retirement System of Louisiana.
(5) Repealed by Acts 2015, No. 136, §2, eff. June 30, 2015.
(6) The Registrars of Voters Employees' Retirement System.
(7) The Firefighters' Retirement System.
B. Notwithstanding the provisions of R.S. 11:103 and 104, in any fiscal year during
which the net direct employer contribution rates would otherwise be decreased for any
retirement system or fund referenced in Subsection A of this Section, the board of trustees
of any such system or fund is hereby authorized to maintain the net direct employer
contribution rate in effect at the time that the decrease would otherwise occur according to
R.S. 11:103.
C. If the board of trustees of any retirement system or fund referenced in Subsection
A of this Section elects, pursuant to Subsection B of this Section, to maintain the net direct
employer contribution rate in effect at the time that a decrease would otherwise occur
according to R.S. 11:103, any excess funds resulting from maintaining the contribution rate
shall be combined with any contribution surplus, or offset by any contribution shortfall, and
the resulting balance, if greater than zero, shall be applied, until exhausted, exclusively for
and in the order of the following purposes:
(1) To reduce the frozen unfunded accrued liability, if any; however, the future
payments on the frozen unfunded accrued liability shall continue to be made according to the
original amortization schedule established to initiate compliance with the requirements of
Article X, Section 29(E)(3) of the Constitution of Louisiana until the outstanding balance is
fully liquidated.
(2) To reduce the outstanding amortization charge base or bases with the greatest
number of outstanding payments; however, the future payments on the base or bases shall
continue to be made according to the original amortization schedule until the outstanding
balance is fully liquidated.
(3) To establish a contribution surplus amortization base or add to the otherwise
established contribution surplus base for the fiscal year if an immediate gain funding method
is used, or to reduce the present value of future employer normal costs if a spread gain
funding method is used.
D.(1) Notwithstanding the provisions of Subsection C of this Section, beginning with
the employer contributions required for Fiscal Year 2006-2007, to the extent that the board
of trustees of the Clerks' of Court Retirement and Relief Fund has previously maintained the
net direct employer contribution rate pursuant to Subsection B of this Section, thereby having
accelerated the amortization of the frozen unfunded accrued liability, the board shall be
authorized to reamortize the remaining liability such that the amortization is completed in
the same manner and over the remaining period provided for in R.S. 11:42(B).
(2) The Public Retirement Systems' Actuarial Committee is authorized to meet and
adopt a valuation for the system as of June 30, 2005, consistent with the provisions of this
Subsection.

Legislative History

Acts 1997, No. 347, §1, eff. July 1, 1997; Acts 2001, No. 911, §1, eff. July 1, 2001; Acts 2006, No. 532, §1, eff. July 1, 2006; Acts 2009, No. 296, §1, eff. June 30, 2009; Acts 2010, No. 861, §4; Acts 2015, No. 136, §2, eff. June 30, 2015; Acts 2016, No. 208, §1, eff. July 1, 2016.