Bill > SB21

This bill modifies how the Louisiana State Employees' Retirement System (LASERS) handles its unfunded accrued liability, which is the amount of money the system owes to retirees beyond its current assets. Specifically, it changes the rules for calculating employer contributions and how actuarial gains, which are unexpected positive financial results, are used to reduce this liability. The bill terminates a specific provision related to the "secondary priority amount" when the original amortization base is paid off, and introduces new rules for reamortizing any remaining liability when the system reaches an 80% funded percentage. This reamortization will be done over the original amortization period with level-dollar payments. Additionally, it mandates reamortization every five years based on the remaining liability and repeals several existing provisions related to amortization and contribution variances.

Labor and Employment

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=SB21&sbi=y