§271. Purpose; elimination of unfunded accrued liability
A. It is recognized that the legislative and executive branches of state government bear a responsibility with respect to the fiscal integrity of the state; that, in connection therewith, it is imperative that the public retirement systems of the state be maintained on a sound actuarial basis, and that such maintenance requires that the unfunded accrued liability of these systems be eliminated. The purpose of this Section is to provide for the furnishing of accurate actuarial data in order to facilitate the effective execution of this responsibility.
B. The provisions of this Section are applicable to the following public retirement systems:
(1)Assessors' Retirement Fund.
(2)Clerks of Court Retirement and Relief Fund.
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§271. Purpose; elimination of unfunded accrued liability
A. It is recognized that the legislative and executive branches of state government bear a responsibility with respect to the fiscal integrity of the state; that, in connection therewith, it is imperative that the public retirement systems of the state be maintained on a sound actuarial basis, and that such maintenance requires that the unfunded accrued liability of these systems be eliminated. The purpose of this Section is to provide for the furnishing of accurate actuarial data in order to facilitate the effective execution of this responsibility.
B. The provisions of this Section are applicable to the following public retirement systems:
(1) Assessors' Retirement Fund.
(2) Clerks of Court Retirement and Relief Fund.
(3) District Attorneys' Retirement System.
(4) Firefighters' Retirement System.
(5) Louisiana School Employees' Retirement System.
(6) Louisiana State Employees' Retirement System.
(7) Municipal Employees' Retirement System of Louisiana.
(8) Municipal Police Employees' Retirement System.
(9) Parochial Employees' Retirement System of Louisiana.
(10) Registrars of Voters Employees' Retirement System.
(11) Sheriffs' Pension and Relief Fund.
(12) Louisiana State Police Retirement System.
(13) Teachers' Retirement System of Louisiana.
C.(1) On an annual fiscal year basis, at least ninety days prior to the convening of the legislature in regular session, using calculation methods and forms prescribed by the legislative auditor, the governing authority of each public retirement system referenced in Subsection B hereof shall submit to the legislative auditor the amount of funding, stated as a percentage of payroll, which is necessary to meet the system's normal cost and to amortize, at the valuation rate of interest, the system's unfunded accrued liability over a thirty-year period.
(2) The legislative auditor shall review, and, when necessary, revise, and submit same to the governor and the legislature, along with his certification of the correctness thereof, and a report detailing the financial and actuarial history of the system and his recommendations relative thereto.
Acts 1984, No. 307, §1; Redesignated from R.S. 42:719 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2012, No. 227, §1.