Program Authorization: R.S. 11:101-103
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: former employees currently retired under the University Retirement Plan (unfunded); former employees currently retired under the LSU Funded Retirement System having credited service prior to July 1, 1971, and who became members of the State Employees Retirement System effective January 1, 1979; and employees having credited service prior to July 1, 1971, retiring during Fiscal Year 1999 under the State Employees' 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 104.5% of the existing operating budget. It represents 104.5% of the total request ($4,113,643) for this program. The recommended funding level reflects the funding level approved by the Public Retirement Systems' Actuarial Committee at its January 29, 1998 meeting.
ACQUISITIONS AND MAJOR REPAIRS
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