[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6135895,"mediaKeyId","5670567-07d3786bfe521a48a9a6620f10fefa21","parentId",5670567,"title","Committee approves merger amendment option for Kenner firefighters; city to accelerate payoff under chosen option","audioSeconds",581,"startMs",1781000,"endMs",2362000,"viewUrl","/Search/View?dp=1&key=5670567-07d3786bfe521a48a9a6620f10fefa21&start=1781&end=2362","thumbnailUrl","https://assets.pipeline.soar.com/5670567-07d3786bfe521a48a9a6620f10fefa21/thumbnail_1781000.jpg","articleUrl","/articles/6135895/Louisiana/Committee-approves-merger-amendment-option-for-Kenner-firefighters-city-to-accelerate-payoff-under-chosen-option","mediaUrl","https://secure.pipeline.soar.com/6135895-3a47782b44097149778d5aa6533e00c1/orig.mp4?Expires=1775493444&Signature=DLSDtrLsCTnRaVQMsOQK3JohiPKL6eryykNXpKZThyM4WXKHDbR1viTK6~2Pu1UJydA578m~rADHwHrhbx4EShv7cg0uiJL7KB4XqGFfyzzQJTtTwcc1s7H4ZtyWIcThUqy-zukF5FbImt4Xy98EsgGH8lM4aQjtCVH3rH7nOSvi9i17U4F1aR8TY2k-QFlXuHgCkeGQZUHl7WIGJoBG8XW2uM3l8~iuuL8EVE7l7IJ~6BWJlT9hXPdJxM~9GT8vMnOcJriE6n7RtTxp3kGax9~NRcjsdjtyPwc~tiJUTD5KRg98WUCKf5ez7DEFji18JBg9ptBUHi5uh8Ei5A5BoQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Louisiana Legislature","date","2025-08-19T00:00:00Z","article","The Public Retirement Actuary Committee on Aug. 19 accepted a merger-amendment calculation for the City of Kenner’s 1999 entry into the Firefighters Retirement System and approved the option favored by the city, under which Kenner would keep its agreed payments but accelerate payoff of the related obligation (shorten the amortization), rather than reduce its payments. The committee adopted the motion without objection.

Background: The Kenner merger dates to 1999. Subsequent litigation determined certain incentive pay should have been included in retirement calculations for affected firefighters; that led to a settlement and to a recalculation of the merger amounts. Firefighters Retirement System and the city reached an agreement to have the actuary (as presented to PERSAC) compute an amendment to the original merger that would affect how much of the obligation could be funded from insurance premium tax allocations under state law.

Actuarial calculation and proposed credit: The actuary presented an interest-adjusted calculation of the insurance-premium-tax-funded portion of the merger and a letter to the firefighters' board with a numeric figure (presented in the report text as 43,541,597). The actuary told the committee that, had the merger been structured with the higher salary reporting originally, insurance-premium taxes would have been responsible for a somewhat larger share. Under the merger rules discussed, up to 40% of active liabilities for a merger can be funded by insurance premium taxes with the municipality responsible for the remainder; retired and terminated members’ costs remained the municipality’s responsibility.

Impacts and legal/financial mechanics: The actuary cautioned that shifting this insurance-premium-tax credit to Kenner would reduce allocations to the other systems that share insurance-premium tax distributions (municipal police and sheriffs), but said the effect would be immaterial to those plans’ employer rates and valuation results. He recommended carrying the merger amortization forward over the remainder of the original 30-year schedule rather than extending a new long amortization. The letter to the board offered three options; the City of Kenner indicated a preference for the third option (accelerated payoff while not reducing the agreed payments).

Formal action: Senator Joseph Price moved to accept option three (Kenner elects not to reduce its agreed payments but to pay off the debt earlier); Ms. Johnson seconded. The motion was adopted with no objection.

Notes and next steps: The actuary said the adjustment will be reflected in the upcoming FRS valuation and that staff can provide more precise allocations and quantification of the downstream impact on municipal police and sheriffs upon request. The firefighters’ board had already accepted the actuary’s calculations and requested PERSAC consideration.","mediaType","Video","parentTitle","House PRSAC Aug 19, 2025","oneSentenceSummary","PERSAC accepted a merger-amendment proposal for the 1999 Kenner merger into the Firefighters Retirement System (FRS), endorsing the option the City of Kenner prefers: not reducing the payments the city agreed to make but paying off the related debt earlier, which will change insurance premium tax allocations.","taxTitle","2025 Legislature LA, Louisiana","taxId",78558,"location","Louisiana","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6135898,"PERS parochial plans exceed 100% funded; minimum employer rates rise modestly",666,1002000,1668000,"/Search/View?dp=1&key=5670567-07d3786bfe521a48a9a6620f10fefa21&start=1002&end=1668","https://assets.pipeline.soar.com/5670567-07d3786bfe521a48a9a6620f10fefa21/thumbnail_1002000.jpg","/articles/6135898/Louisiana/PERS-parochial-plans-exceed-100-funded-minimum-employer-rates-rise-modestly","https://secure.pipeline.soar.com/6135898-e59b056c5a294fd854ba0b5c362d1e15/orig.mp4?Expires=1775493444&Signature=bsVe2lMTLhB9edTNUeah4xfr7hJesjvGSNOiXIm-cojQThQ5Q8er00PAXH5FDsFU6e7efk35IiOKywEQoTRPOKzyOR-EGH20OLF43EPaT63No5JQwQS54ahT3ckFJ-MzpWqHXLkImdKCripBDSGfeymlFOAVgtwv35eV17qsLT~CUtTSjEqsZFiD2g0HGz-bRCKxe-eFvMDUujGW8PeU54afG~V84KYdBKz5DgBzjWCSUE~lL-QRGMZH4TNZ2cidaGbafZFM9iMDK8AVs7AyxcZtxaCFYDQD6doQJgaxyNUCoRlnmzlofpzyeBsm-4Pp66XAnT3DAByZMzWJ7CuWtQ__&Key-Pair-Id=KUT5TJCACFTXG","The Public Retirement Actuary Committee on Aug. 19 accepted the 2024 actuarial valuations for the Parochial employees' plans (PERS Plan A and Plan B), recognizing a minimum recommended employer rate of 7.5% for Plan A and 5.75% for Plan B. The committee adopted the report by motion without recorded objection.

Plan A data presented by the systems actuary show 14,162 members, 8,638 retirees, and active payroll of $782,000,000 (up from $731,000,000 the prior year). The plan’s accrued liability was presented at about $5,000,000,000 and the actual (smoothed) assets were also above $5,000,000,000, yielding a funded ratio of 102.36% on a smoothed basis. The funding deposit account decreased from $102,000,000 to $95,700,000, reflecting a recent COLA payment. The market return for the more recent calendar period cited was 11.7% (prior year 13.8%), and the smoothed return was 6.8%, above Plan A’s assumed return of 6.4%.

For Plan B, the accrued liability was reported at $464,000,000 versus actual assets of $480,000,000 (above 100% funded), and the funding deposit account was $8,500,000, down from $9,000,000. The committee heard that the employer contribution result for fiscal 2026 is a minimum of 7.5% for Plan A and 5.75% for Plan B, and that many employers have been paying amounts above the minimum (the board has previously collected 7% and until recently 7.5%), using the margin to build the funding deposit account for future COLAs.

Why it matters: the recommended minimum employer rates affect municipal and parish payroll costs and the use of insurance premium and ad valorem tax allocations; the funding deposit account has funded several recent COLAs (2017, 2020, 2022, 2024). Presenters noted structural factors that have increased Plan A membership in recent years, including a 2020 legislative change that moved some Lafayette hires into Plan A.

Review and replication: Mr. Herbold said PERSAC performed a replication valuation for the parochial plans but did not replicate active liabilities for this valuation and added a qualifying statement; he nonetheless reported no significant deficiencies and said the parts reviewed conform to actuarial standards of practice. Greg Curran also walked through the drivers of cost changes, noting payroll growth, investment gains and the placement of new hires into cheaper benefit tiers as factors reducing average plan cost.

Formal action: Mr. Curran moved to accept the Parochial Plan A and Plan B valuations as presented and to recognize the minimum recommended employer rates (7.5% for Plan A, 5.75% for Plan B) and that both plans receive the maximum amount of ad valorem and revenue-sharing taxes allocated to the plan; Ms. Matthews seconded. The motion was adopted with no objection.

Notes: The committee emphasized transparency by showing the COLA cost in the valuation schedules even when the funding deposit account offsets the immediate contribution effect. Presenters said the recommended spread of the remaining merger or other amortizations would follow the original time frames unless the board directs otherwise.","The committee accepted actuarial valuations for Parochial PERS Plan A and Plan B showing Plan A at 102.36% funded and recommended minimum employer rates of 7.5% for Plan A and 5.75% for Plan B; the board continues to collect above the minimum to build the funding deposit account.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6135906,"Assessors' retirement fund near fully funded; committee certifies 0% employer rate and 0.2312% ad valorem remittance",629,136000,765000,"/Search/View?dp=1&key=5670567-07d3786bfe521a48a9a6620f10fefa21&start=136&end=765","https://assets.pipeline.soar.com/5670567-07d3786bfe521a48a9a6620f10fefa21/thumbnail_136000.jpg","/articles/6135906/Louisiana/Assessors-retirement-fund-near-fully-funded-committee-certifies-0-employer-rate-and-02312-ad-valorem-remittance","https://secure.pipeline.soar.com/6135906-d2d47ca7043ca3e0690ccb3ab9212788/orig.mp4?Expires=1775493444&Signature=Y2rTNuAm~gsvA36dUek9MZBZbQuCTkZoUgVTdwd2bt6cxtzzWpi9aAf7o4K2owZiIo4OfCM8xVPTR-Kr69Lhoms6JfgS1nIPI1BqCw~GEWjSraxe~bkLza5-uE-bXLApdCdbvB9GtjeURpH1Pkkr33afGRNgHDv8rJ8QyYv7DlvZrvxHRoGXweXruMDpkSivb3~duTpU76RtHy4ulgQfcsDluuHuDYpz1LkPWJr0fgdCG3f3Baq2eRaXg2xJhrr0k~fU1R62MAPtsQvcFZju56KPmiwnrfNLPINjjXfSBOi86yyNjJJ86gP13GaQXNrUAeldzG4dmTDFCg9-uUJ29Q__&Key-Pair-Id=KUT5TJCACFTXG","The Public Retirement Actuary Committee on Aug. 19 accepted the 2024 actuarial valuation for the Louisiana Assessors' Retirement Fund and certified a minimum recommended net direct employer rate of 0% and an ad valorem remittance rate of 0.2312% to be disseminated to the parishes. The committee approved the report by motion and without objection.

The valuation shows a funded ratio of 98.44% on a funding (smoothed) basis, with an accrued liability of $556,400,000 and an actual (smoothed) asset value of $547,700,000. Present and future benefits were reported at about $730,000,000; payroll for active members was $50,700,000 and retired membership was 592. The report also lists a funding deposit account balance of $51,700,000 and a market-value asset amount of roughly $581,000,000. On a market basis the plan returned 19.8% for the fiscal year ending Sept. 30, 2024; after smoothing that produced a 7.2% rate of return versus the plan's assumed rate of 5.5%.

Why it matters: the committee-certified employer rate and the certified ad valorem remittance percentage determine how much tax revenue parishes will remit to the plan and how much employers will be required to contribute. Senator Joseph Price questioned whether the certified 0.2312% ad valorem remittance represents a decrease in overall collection; Greg Curran, the systems actuary presenting the report, explained the committee’s certification instructs parishes how much to remit and that local tax collections can vary year to year.

Discussion and staff review: Greg Curran, the systems actuary, walked the committee through the summary, explaining that the difference between present-and-future benefits and accrued liability represents future service accruals; he described this as a mark of what would be needed to pre-fund future liabilities. Curran also noted the plan has had investment gains that raised assets faster than liabilities and that the board has elected to collect a 5% employer rate above the minimum in recent practice, directing those extra dollars into the funding deposit account for future cost-of-living adjustments (COLAs) or to offset future contributions. Committee reviewer Mr. Herbold reported that PERSAC replicated the valuation calculations and did not identify significant deficiencies in the report or the valuation basis.

Formal action: Ms. Johnson moved to accept the assessors' valuation as presented, including recognition of a recommended net direct employer rate of 0% and an ad valorem remittance rate of 0.2312%; Mr. Curran seconded. The motion was adopted with no objection.

Notes and uncertainties: Curran cautioned that the certified remittance percentage is based on projected ad valorem tax revenue and that actual tax collections could be higher or lower, which would affect whether the plan collects more or less than the certified amount in any given year. The committee noted the certification will be disseminated to parishes (except Orleans Parish, per the presentation) through the legislative auditor and staff will coordinate that distribution.","The Public Retirement Actuary Committee accepted the 2024 actuarial valuation for the Louisiana Assessors' Retirement Fund, noting a 98.44% funded ratio, a recommended net direct employer rate of 0% and a certified ad valorem (ab eodem) remittance rate of 0.2312% to parishes.","actionData","errors"]

Article not found

Committee approves merger amendment option for Kenner firefighters; city to accelerate payoff under chosen option

PERS parochial plans exceed 100% funded; minimum employer rates rise modestly

Assessors' retirement fund near fully funded; committee certifies 0% employer rate and 0.2312% ad valorem remittance