Louisiana HB1237 amends the Municipal Police Employees Retirement System and the Firefighters' Retirement System, addressing partial dissolution.

Louisiana HB1237 modifies the Municipal Police Employees Retirement System and the Firefighters' Retirement System. It defines conditions for partial dissolution of police or fire departments, requiring employers to make payments to the retirement systems. Employers must pay a pro rata portion of the system's unfunded accrued liability if the number of participating employees decreases significantly. The bill also outlines the process for employees to opt-out of the retirement system and specifies the timing and method of payments.

Louisiana HB1237 amends the Municipal Police Employees Retirement System and the Firefighters' Retirement System, addressing partial dissolution.

Louisiana HB1237 modifies the Municipal Police Employees Retirement System and the Firefighters' Retirement System. It defines conditions for partial dissolution of police or fire departments, requiring employers to make payments to the retirement systems. Employers must pay a pro rata portion of the system's unfunded accrued liability if the number of participating employees decreases significantly. The bill also outlines the process for employees to opt-out of the retirement system and specifies the timing and method of payments.