2015 Louisiana Laws
Revised Statutes
TITLE 11 - Consolidated Public Retirement
RS 11:1658 - Employer contributions; maintaining rates; increasing rates; reducing rate decreases

§1658. Employer contributions; maintaining rates; increasing rates; reducing rate decreases

            A. Notwithstanding the provisions of R.S. 11:103 and 104, in any fiscal year the board of trustees is authorized to take any of the following actions:

            (1) Maintain the net direct employer contribution rate in effect at the time that a decrease would otherwise occur pursuant to R.S. 11:103.

            (2) Require a net direct contribution rate of up to three percentage points more than the rate determined under R.S. 11:103.

            (3) Set the employer contribution rate at any point between the previous year's employer contribution rate and a decreased rate that would otherwise occur pursuant to R.S. 11:103.

            B. Any excess funds resulting from application of Subsection A of this Section shall be combined with any contribution surplus or offset by any contribution shortfall, and the resulting balance, if greater than zero, shall be accumulated in the funding deposit account pursuant to R.S. 11:1659.

            C. Any contribution rate adjustment pursuant to the provisions of this Section shall be made by promulgation of rules adopted in accordance with the provisions of the Administrative Procedure Act.

            Acts 2015, No. 371, §1, eff. June 30, 2015.