2012 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:100.112 — Legislative findings and intent
§100.112. Legislative findings and intent
A. The Legislature of Louisiana hereby finds and determines that the funding of accrued and accruing post employment benefits other than pensions for retired employees and their dependents is a proper governmental function and purpose of the state.
B. The Governmental Accounting Standards Board has issued Statements 43 and 45, which set forth standards on accounting and reporting for post-employment benefits other than pensions by governments. These standards require the state to account for such post-employment benefits on an actuarial basis during an employee's career rather than on a pay-as-you-go basis during the employee's period of retirement.
C. The legislature has determined that it would be advisable for the state to create an irrevocable trust whereby the state may begin funding those benefits in advance to address and ultimately offset the state's accrued liabilities for such benefits.
D. Therefore, the Post Employment Benefits Trust Fund shall be created, funded, and administered in accordance with the provisions of this Subpart to protect and enhance the financial condition of the state.
Acts 2008, No. 910, §1, eff. July 1, 2008.
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