2006 Louisiana Laws - RS 11:42 — Unfunded accrued liabilities; amortization

§42.  Unfunded accrued liabilities; amortization

A.  The provisions of this Section govern the amortization of unfunded accrued liabilities of the state and statewide public retirement systems referenced in Subsection B hereof, as provided by said Subsection B.

B.  The provisions of this Subsection shall be implemented and accomplished by the governing authorities of the state and statewide public retirement systems as set forth herein.

(1)  Assessors' Retirement Fund.  The unfunded accrued liability, as of September 30, 1989, determined under the funding method specified in R.S. 11:22(B)(1), shall be amortized over a forty year period, commencing with fiscal year ending 1990, with payments forming an annuity increasing at three and one-half percent annually.

(2)  Clerks' of Court Retirement and Relief Fund.  The unfunded accrued liability, as of June 30, 1989, determined under the funding method specified in R.S. 11:22(B)(2), shall be amortized over a forty year period, commencing with fiscal year ending 1990, with payments forming an annuity increasing at four and three-quarters percent annually.

(3)  Firefighters' Retirement System.  The unfunded accrued liability, as of June 30, 1989, determined under the funding method specified in R.S. 11:22(B)(4), shall be amortized over a thirty year period, commencing with fiscal year ending 1990, with level dollar payments annually.

(4)  Louisiana School Employees' Retirement System.  The unfunded accrued liability or surplus, as of June 30, 1988, determined under the funding method specified in R.S. 11:22(B)(5), shall be amortized over a forty-year period, commencing with Fiscal Year 1989-1990, with level dollar payments annually.

(5)  Louisiana State Employees' Retirement System.  The unfunded accrued liability, as of June 30, 1988, determined under the funding method specified in R.S. 11:22(B)(6), shall be amortized over a forty-year period, commencing with Fiscal Year 1989-1990.  The outstanding balance of the unfunded accrued liability as of July 1, 1992, shall be amortized over the remaining thirty-seven-year period with payments forming an annuity increasing at four and one-half percent annually.

(6)  Municipal Police Employees' Retirement System.  The unfunded accrued liability or surplus, as of June 30, 1989, determined under the funding method specified in R.S. 11:22(B)(7), shall be amortized over a forty year period, commencing with fiscal year ending 1990, with level dollar payments annually.

(7)  Municipal Employees' Retirement System of Louisiana.

(a)  Plan A.  The unfunded accrued liability, as of June 30, 1989, determined under the funding method specified in R.S. 11:22(B)(8)(a), shall be amortized over a forty year period, commencing with fiscal year ending 1990, with payments forming an annuity increasing at four and one-quarter percent annually.

(b)  Plan B.  The unfunded accrued liability, as of June 30, 1989, determined under the funding method specified in R.S. 11:22(B)(8)(b), shall be amortized over a forty year period, commencing with fiscal year ending 1990, with payments forming an annuity decreasing at two percent annually.

(8)  Parochial Employees' Retirement System of Louisiana.

(a)  Plan A.  The unfunded accrued liability, as of December 31, 1989, determined under the funding method specified in R.S. 11:22(B)(9)(a), shall be amortized over a forty-year period, commencing with fiscal year ending 1990, with payments forming an annuity increasing at four percent annually.

(b)  Plan C.  The unfunded accrued liability as of December 31, 1998, shall be amortized over a fifteen-year period with level dollar payments annually.

(9)  Sheriffs' Pension and Relief Fund.  The unfunded accrued liability, as of June 30, 1989, determined under the funding method specified in R.S. 11:22(B)(11), shall be amortized over a forty year period, commencing with fiscal year ending 1990, with payments forming an annuity increasing at three and one-half percent annually.

(10)  State Police Pension and Retirement System.  The unfunded accrued liability, as of June 30, 1988, determined under the funding method specified in R.S. 11:22(B)(12), shall be amortized over a twenty year period, commencing with the fiscal year 1989-1990, with level dollar payments annually.

(11)  Teachers' Retirement System of Louisiana.  The unfunded accrued liability, as of June 30, 1988, determined under the funding method specified in R.S. 11:22(B)(13), shall be amortized over a forty-year period, commencing with the Fiscal Year 1989-1990.  The outstanding balance of the unfunded accrued liability as of July 1, 1992, shall be amortized over the remaining thirty-seven-year period with payments forming an annuity increasing at four and one-half percent annually.

Acts 1988, No. 81, §2, eff. July 1, 1989; Acts 1988, 2nd Ex.  Sess., No. 6, §2, eff. Oct. 31, 1988; Acts 1989, No. 499, §1, eff. July 1, 1989; Acts 1989, No. 502, §1, eff. July 1, 1989; Acts 1992, No. 257, §1, eff. July 1, 1992; Acts 1997, No. 867, §1, eff. July 1, 1997.