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 January 1, 1979; and (3) employees having credited service prior to July 1, 1971, retiring during Fiscal Year 1999 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
Adjustment to the Louisiana State University Retirement System - Unfunded Accrued Liability funding to the level approved by the Public Retirement Systems' Actuarial Committee at its January 29, 1998 meeting
The total means of financing for this program is recommended at 101.5% of the existing operating budget. It represents 100% of the total request ($5,505,121) for this program. The recommended funding level provides for the anticipated retiree supplemental benefit costs as well as for the constitutionally required funding for the LSU Retirement System - Unfunded Accrued Liability obligation pursuant to the Public Retirement Systems' Actuarial Committee's recommendation.
ACQUISITIONS AND MAJOR REPAIRS
Return to the main page | Previous document | Next document