2006 Louisiana Laws - RS 11:108 — Funding review panel

§108.  Funding Review Panel

A.  The Funding Review Panel is hereby created to study the funding and benefit provisions of the Firefighters' Retirement System, the Municipal Employees' Retirement System, and the Municipal Police Employees' Retirement System.

B.  The panel shall be composed of two committees, the advisory committee of seven members and the recommendations committee of seven members.

(1)  The recommendations committee shall have the following voting members:

(a)  One member of the Firefighters' Retirement System selected by the system's board of trustees.

(b)  One member of the Municipal Employees' Retirement System who is not a mayor selected by the system's board of trustees.

(c)  One representative of the Municipal Police Employees' Retirement System selected by the system's board of trustees.

(d)  One mayor selected by the Louisiana Municipal Association.

(e)  One mayor selected by the Louisiana Conference of Mayors.

(f)  The state treasurer or his designee.

(g)  One member appointed by the governor.

(2)  The advisory committee shall have the following members, who shall have no voting rights except as provided in Paragraph (3) of this Subsection:

(a)  The chairman of the House Committee on Retirement or his designee.

(b)  The chairman of the Senate Committee on Retirement or his designee.

(c)  One member of the House Committee on Retirement appointed by the speaker of the House or the designee of such appointee.

(d)  One member of the Senate Committee on Retirement appointed by the president of the Senate or the designee of such appointee.

(e)  One representative selected by the Professional Fire Fighters' Association.

(f)  One representative selected by the International Union of Police Associations from nominations submitted by the organizations in Louisiana affiliated with the International Union of Police Associations.

(g)  One member appointed by the governor.

(3)  The panel shall elect from the members of the recommendations committee a chairman and vice chairman of the panel.  If the state treasurer is elected chairman or vice chairman, his designee shall serve in such office at any meeting of the panel at which he represents the treasurer.

(4)  A majority of the members of the panel shall be necessary for conducting business.  An affirmative vote of a majority of the members of the recommendations committee shall be necessary for the panel to take any action.

(5)  For each member of the recommendations committee who is absent from a meeting, the chairman of the panel shall appoint a member of the advisory committee to sit on the recommendations committee for the meeting and to vote in the stead of the absent member.  Should the absent member arrive after such appointment, it is within the discretion of the chairman to allow the tardy member to resume his place on the recommendations committee.

C.  The panel shall meet not less than monthly.  The treasurer shall call the first meeting of the panel on or before August 31, 2005, and shall preside until the panel elects a chairman and vice chairman.

D.  The panel shall undertake a comprehensive review of the actuarial funding and benefit structure of the Firefighters' Retirement System, the Municipal Employees' Retirement System, and the Municipal Police Employees' Retirement System, including but not limited to the following:

(1)  Eligibility for retirement.

(2)  Benefit calculation, including final average compensation.

(3)  Contributions.

(4)  Actuarial assumptions.

(5)  Cost-of-living adjustment criteria.

E.  The systems, the House of Representatives, the Senate, the legislative actuary, the legislative auditor, and the legislative fiscal office shall provide such staff and facilities to the panel as are necessary to carry out its duties and responsibilities.

F.  On or before February 15, 2006, the panel shall submit to the House and Senate Committees on Retirement and to the legislative actuary a report containing its recommendations for increasing the actuarial soundness of each system and providing a generous, affordable benefit for members of each system.

Acts 2005, No. 448, §1, eff. July 1, 2005.