Program Authorization: Statutes Itemized Below; R.S. 11:101-103
This state retirement system receives state aid for the following purposes:
1. Supplemental retiree payments provided by the following various legislative actions:
2. On January 1, 1979, all LSU employees became members of either Teachers' Retirement System or Louisiana State Employees Retirement System as provided by statute. The unfunded liability for service credit earned prior to July 1, 1971 (the date upon which the funded LSU Retirement System was established) remains a liability of the Board of Supervisors of LSU and Agricultural and Mechanical College. This program provides funding to pay retirement benefits to those: (1) former employees currently retired under the University Retirement Plan (unfunded); (2) former employees currently retired under the LSU Funded Retirement System having credited service prior to July 1, 1971, and who became members of the Teachers' Retirement System effective January1, 1979; and (3) employees having credited service prior to July 1, 1971, retiring during Fiscal Year 2000 under the Teachers' Retirement System.
RESOURCE ALLOCATION FOR THE PROGRAM
SOURCE OF FUNDING
This program is funded from State General Fund direct
ANALYSIS OF RECOMMENDATION
The total means of financing for this program is recommended at 100.0% of the existing operating budget. It represents 91.3% of the total request ($6,033,000) for this program. The recommended funding level is preliminary subject to change when the Public Retirement Systems' Actuarial Committee meets to set the FY 2000 funding level.
ACQUISITIONS AND MAJOR REPAIRS
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