2006 Louisiana Laws - RS 11:106 — Additional employer contributions
§106. Additional employer contributions
A. The provisions of this Section shall apply to the Assessors' Retirement Fund.
B. Notwithstanding the provisions of R.S. 11:103, 104 and 105, the board of trustees is authorized to require a net direct contribution rate of up to three percent more than the rate determined under 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 increase the net direct employer contribution rate determined under R.S. 11:103, any excess funds resulting from increasing 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)(2)(c) and (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.
Acts 2001, No. 703, §2, eff. July 1, 2001; Acts 2004, No. 263, §1.
NOTE: See Acts 2001, No. 703, §§5 & 6, relative to effectiveness and applicability of Act.
NOTE: See Acts 2004, No. 263, §2, declaring that Act is remedial, curative, and procedural and providing for retroactive application to July 1, 2001.
Disclaimer: These codes may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.