Budget & Taxes

HB 35 amends Louisiana law to adjust employer contributions to the Sheriffs' Pension and Relief Fund. It allows the fund's board to require local governments (sheriffs' employers) to pay up to 3% more than the standard contribution rate. Any surplus funds collected from these higher contributions after 2008 must be credited back to the pension fund account. This directly affects sheriffs' pension funding and local government budgeting for employee retirement costs.

SB 13 modifies how Louisiana's Teachers' Retirement System calculates employer contributions and handles investment returns. It changes the method for applying excess investment returns to reduce the system's debt, specifically requiring reamortization (resetting payment schedules) when the system reaches 80% funding or every five years starting in 2019. This affects the state's payments into the retirement fund and directly impacts public school teachers' retirement benefits. The bill repeals outdated calculation rules and clarifies how future contributions will be applied to the system's debt.