SB 13 — TEACHERS RETIREMENT: Provides relative to the determination of employer contributions and amortization of certain actuarial gains. (gov sig) (EN SEE ACTUARIAL NOTE FC)

SLS 26RS-139 REENGROSSED Regular Session ENROLLED SENATE BILL NO.

13 BY SENATOR PRICE TEACHERSAN RETIREMENT.ACT To amend and reenact R.S.

Provides relative to the determination of employer contributions and amortization of certain actuarial gains.

(gov sig) AN ACT To amend and reenact R.S.

* * * (c)"Secondarypriorityamount"shall meanthemaximum amountofsystem returns in excess of the system's actuarially assumed rate of return that may be applied to the experience account amortization base, regardless of whether actual Page 1 of 3 Coding:

SLS 26RS-139 REENGROSSED SB NO.

13 *ENROLLED * * (c)"Secondarypriorityamount"shall meanthemaximum amountofsystem returns in excess of the system's actuarially assumed rate of return that may be applied to the experience account amortization base, regardless of whether actual returns that equal or exceed the maximum are available, and shall equal:

11:883.1 and for each valuation thereafter, the net remaining liability of the any amortization base to which the any additionaladditionalfundsareappliedshallbereamortizedwithannuallevel-dollarpayments fundsareappliedshallbereamortizedwithannuallevel-dollarpayments calculatedas provided in R.S.

(j)(c) Except as provided in Subparagraphs (h) and (i) (a) and (b) of this Paragraph and in Item (B)(3)(a)(iv)of(B)(3)(a)(iv) of this Section, the net remainingliabilityof the amortization base to which the funds are applied shall not be reamortized after such application.

Page* 2* of* 3Section Coding:2.

Words which are struck through are deletions from existing law;

words in boldface type and underscored are additions.

SLS 26RS-139 REENGROSSED SB NO.

13 * * * Section 2.

This Act shall become effective upon signature bythe governor or, if not signedbythegovernor,uponexpirationofthetimeforbillstobecomelawwithoutsignature byPage the2 governor, as provided in Article III, Section 18 of the3 ConstitutionCoding: of Louisiana.

IfWords vetoedwhich bytheare governorandstruck subsequentlyapprovedthrough bytheare legislature,deletions thisfrom Actexisting shalllaw; become effective on the dayfollowing such approval.

Thewords originalin instrumentboldface type and theunderscored followingare digest,additions. which constitutes no part of the legislative instrument, were prepared bySenate Legislative Services.

TheSB keyword,NO. summary, and digest do not constitute part of the law or proof or indicia of legislative intent.

[R.S.13 ENROLLED by the governor, as provided in Article III, Section 18 of the Constitution of Louisiana.

1:13(B)If andvetoed 24:177(E)]bythe DIGESTgovernorand SBsubsequentlyapprovedbythe 13legislature, Reengrossedthis 2026Act Regularshall Sessionbecome Price Present law provides effective for June 30, 2009, all amortization bases existing on Julythe 1,dayfollowing 2008,forTeachers'RetirementSystemofLouisiana(TRSL)wouldbeconsolidatedintotwosuch amortizationapproval. bases.

Changes,PRESIDENT gains,OF andTHE lossesSENATE areSPEAKER toOF beTHE calculatedHOUSE andOF paymentsREPRESENTATIVES thereofGOVERNOR determinedOF asTHE providedSTATE inOF R.S.LOUISIANA APPROVED:

11:102, except as otherwise specified.

Proposed law retains present law.

Present law provides that for the first valuation after the original amortization base is liquidated, the secondary priority amount includes the portion of the prior year's primary priority amount, added to the prior year's secondary priority amount, and adjusted for any increase in the system's actuarial value of assets.

Proposed law terminates this provision.

Presentlawprovidesforthesecondvaluationandeachyearthereafter,thesecondarypriority amountisincreasedongrowthinthesystem'sactuarialvalueofassets.Proposedlawrepeals this provision.

Present law provides that for the first valuation after the experience account amortization base is liquidated, the residual priority amount equals the prior year's secondary priority amount adjustedforanyincreaseinthesystem's actuarialvalueofassets, andforthesecond valuation and each year thereafter, the residual priority amount is increased based on any growth in the system's actuarial value of assets.

Proposed law repeals these provisions.

Effective upon signature of the governor or lapse of time for gubernatorial action.

(Amends R.S.

11:102.2(A)(4)(c)(iv);

adds R.S.

11:102.2(A)(5);

repeals R.S.

11:102.2(A)(4)(c)(v), (e)(ii) and (iii), (h), (i), and (j)) Summary of Amendments Adopted by Senate Senate Floor Amendments to engrossed bill 1.

Makes technical changes.