Bill > HB49

This bill modifies rules for the Municipal Police Employees' Retirement System and the Firefighters' Retirement System, primarily concerning how employers are assessed payments when their police or fire departments experience significant staff reductions, which is referred to as a "partial dissolution." It clarifies the criteria for determining a partial dissolution, such as a significant decrease in the number of participating employees compared to a "target employee count," which will be calculated differently over time, moving from the previous year's count to an average of prior years. The bill also adjusts the timing for when employers must begin making payments for unfunded accrued liability, which is the amount of money needed to cover pension obligations that haven't been funded yet, with payments for valuations after June 30, 2024, starting a year later than before. Additionally, it introduces provisions for proportional reductions in these payments if employee numbers increase but don't fully recover to the target count, and it specifies that certain provisions will not apply to employees hired after January 1, 2027.

Labor and Employment

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=HB49&sbi=y