Louisiana SB11 amends the Louisiana State Police Retirement System to increase employer contributions for benefit increases.
Louisiana SB11 modifies the Louisiana State Police Retirement System to ensure funding for benefit increases. Effective July 1, 2024, the Act mandates that the actuarially funded contribution (AFC) rate increases by the lesser of one-half of the decrease in the projected aggregate employer contribution rate or the amount needed for the AFC rate to reach 3.5%. This increase is permanent and must be funded by additional employer contributions. The changes apply to retirees, beneficiaries, and survivors of the Louisiana State Police Retirement System.
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