LA HB13

Extends the amortization period for over or under payments in the Louisiana State Police Retirement System from 5 years to 20 years, beginning with the June 30, 2027, actuarial valuation

Consolidates all existing amortization bases as of June 30, 2029, and reamortizes the combined balance with level-dollar payments over a 20-year period ending June 30, 2049

Establishes a 15-year amortization period for all new changes, gains, or losses occurring after June 30, 2029 (with payments beginning July 1, 2030, or later)

Sets a minimum employer contribution rate beginning in Fiscal Year 2027-2028, requiring contributions to be at least equal to the projected employer normal cost divided by projected payroll, plus the permanent benefit increase account funding contribution (AFC) rate

Any costs resulting from the changes must be funded through additional employer contributions in compliance with Article X, Section 29(F) of the Louisiana Constitution