Plain English Breakdown
The official source material does not provide specific details on how the system calculates employer contributions, only that it sets a new formula for determining the AFC rate increase.
Louisiana State Police Retirement System Benefit Increases
This act provides funding for benefit increases for retirees, beneficiaries, and survivors of the Louisiana State Police Retirement System.
What This Bill Does
- Sets a new formula for determining the required increase in the Additional Funding Charge (AFC) rate based on employer contribution rates.
- Makes sure that any increase in the AFC rate is permanent and does not exceed three and one-half percent.
Who It Names or Affects
- Retirees of the Louisiana State Police Retirement System
- Beneficiaries of the Louisiana State Police Retirement System
- Survivors of the Louisiana State Police Retirement System
Terms To Know
- Additional Funding Charge (AFC) rate
- The extra amount that employers must contribute to fund benefit increases for retirees, beneficiaries, and survivors.
Limits and Unknowns
- Does not specify the exact dollar amounts of the benefit increases.
- Only applies to the Louisiana State Police Retirement System.