Tuesday, April 10, 2007

Senate Bill 48 filed to Create Public Retirement Fund

State Senator Walter Boasso has pre-filed a bill to establish a “Public Retirement Fund” in the state treasury. It would provide for an Unfunded Accrued Liability Payment Sub fund (UAL) and a Supplemental Cost-of-Living Adjustment Sub fund (COLA) within this fund.

The proposed law provides that money in the UAL sub fund be used exclusively for the purpose of reducing the unfunded accrued liabilities for the Teachers’ Retirement system of Louisiana and the Louisiana State Employees’ Retirement System.

The 2007 Legislative Session is scheduled to begin on April 30.