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Committee approves drafting a constitutional amendment and statutory draft to create a long‑term compounding ‘generational’ account
Summary
The Select Committee moved conceptually to ask LSO for a constitutional amendment draft to create a permanent, compounding investment account and asked staff to prepare companion statutory language that would govern annual transfers and investment structure. Treasurer Meyer and proponents proposed an 85/15 private markets allocation and a 30‑year
Committee members voted to ask LSO to draft a conceptual constitutional amendment creating a permanent “compounding investment permanent revenue account” (committee shorthand: the generational fund) and to prepare companion statutory options. Treasurer Curt Meyer and other supporters said the goal is to create a permanent, dedicated account that compounds contributions and provides predictable distributions after a maturation period.
LSO attorney Michael Fuller briefly described two versions of a bill the committee had in its packet. The introduced version discussed by LSO would have required a $100,000,000 annual transfer from the LSRA into the generational account for 30 years; the engrossed version allowed graduated transfers tied to the LSRA balance (for example, if the LSRA balance was below $1 billion no transfer would be made for…
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