State and statewide public retirement systems must use the funding methods listed here to determine actuarially required contributions.
§22. Methods of actuarial valuation established A. The provisions of this Section govern the funding methods utilized by state and statewide public retirement systems to determine actuarially required contributions. B. The following funding methods shall be utilized to determine actuarially required contributions: (1) Assessors' Retirement Fund: frozen attained age normal. (2) Clerks' of Court Retirement and Relief Fund: frozen attained age normal. (3) District Attorneys' Retirement System: aggregate. (4) Firefighters' Retirement System: frozen initial liability. (5) Louisiana School Employees' Retirement System: entry age normal. (6) Louisiana State Employees' Retirement System: entry age normal. (7) Municipal Police Employees' Retirement System: entry age normal. (8) Municipal Employees' Retirement System of Louisiana: (a) Plan A: frozen attained age normal. (b) Plan B: frozen attained age normal. (9) Parochial Employees' Retirement System of Louisiana: (a) Plan A: frozen attained age normal. (b) Plan B: aggregate. (c) Plan C: entry age normal. (10) Registrars of Voters Employees' Retirement System: aggregate. (11) Sheriffs' Pension and Relief Fund: frozen attained age normal. (12) Louisiana State Police Retirement System: entry age normal. (13) Teachers' Retirement System of Louisiana: entry age normal. C. For any of the systems set forth in Subsection B of this Section which have established excess benefit plans, the present value of benefits shall for funding purposes include the present value of any credits granted to employers for contributions to such excess benefit plans. D. For any system set forth in Subsection B of this Section that is funded utilizing the frozen attained age normal method, the actuarial valuation method of the system shall be converted to the aggregate funding method in the system's first valuation in which the frozen unfunded actuarial accrued liability is fully amortized. Acts 1988, No. 81, §2, eff. July 1, 1989; Acts 1988, 2nd Ex. Sess., No. 6, §2, eff. Oct. 31, 1988; Acts 1989, No. 501, §1, eff. July 1, 1989; Acts 1992, No. 165, §1, eff. July 1, 1992; Acts 1997, No. 867, §1, eff. July 1, 1997; Acts 1999, No. 34, §1; Acts 2012, No. 225, §1, eff. June 30, 2012; Acts 2012, No. 227, §1; Acts 2013, No. 220, §3, eff. June 11, 2013; Acts 2014, No. 571, §§1 and 2, eff. Nov. 19, 2014; Acts 2019, No. 91, §1, eff. July 1, 2019. NOTE: Relative to Acts 2014, No. 571, the Public Retirement Systems' Actuarial Committee adopted valuations for TRSL and LASERS utilizing the Entry Age Normal valuation method on Nov. 19, 2014.