Louisiana Revised Statutes 11:545 – Department of Public Safety Peace Officers Fund
Terms Used In Louisiana Revised Statutes 11:545
- Amortization: Paying off a loan by regular installments.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fiscal year: means the period beginning July first of any year and ending June thirtieth of the next succeeding year. See Louisiana Revised Statutes 11:403
- Retirement: means termination of active service, with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:403
- State: means the state of Louisiana. See Louisiana Revised Statutes 11:403
- System: means the Louisiana State Employees' Retirement System. See Louisiana Revised Statutes 11:403
A. There is hereby established in the state treasury a special fund to be known as the “Department of Public Safety Peace Officers Fund” hereinafter referred to as the “fund”.
B.(1) At the close of the 2006-2007 Fiscal Year, after allocation of money to the Bond Security and Redemption Fund as provided in La. Const. Art. VII, § 9(B) , the treasurer shall deposit in and credit to the fund:
(a) An amount equal to one-half of the sum collected for the temporary permit fee charged pursuant to La. Rev. Stat. 47:511.1(A) during the 2006-2007 Fiscal Year; and
(b) Any monies previously allocated to the Department of Public Safety and Corrections Police Officer Fund created by Act No. 728 of the 2006 Regular Session of the Legislature.
(2) The treasurer shall deposit in and credit to the fund any amount appropriated to the fund or otherwise made available thereto by the legislature. Such deposit shall be made on the effective date of any such appropriation or upon such amount being otherwise made available to the fund.
(3) Beginning with the 2007-2008 Fiscal Year and for each fiscal year thereafter, and after allocation of money to the Bond Security and Redemption Fund as provided in La. Const. Art. VII, § 9(B) , the treasurer shall deposit in and credit to the fund on a monthly basis an amount equal to one-half of the sum collected for the temporary permit fee charged pursuant to La. Rev. Stat. 47:511.1(A).
C. Monies in the fund shall be invested in the same manner as the state general fund monies. Interest earned on the investment of monies in the fund, after being credited to the Bond Security and Redemption Fund pursuant to La. Const. Art. VII, § 9(B) , shall be credited to the fund. All unexpended and unencumbered monies and earnings remaining in the fund at the end of the fiscal year shall remain in the fund and shall be available for allocation in the next fiscal year in the same manner and for the same purposes as provided in this Section.
D. The monies in the fund shall be used for funding retirement benefits for peace officers, as defined in La. Rev. Stat. 40:2402(3)(a), employed by the Department of Public Safety and Corrections, office of state police, other than state troopers. Any monies in the fund not used for retirement benefits as provided in this Section may be used for special law enforcement initiatives and to support the operations of the Department of Public Safety and Corrections, Capitol Complex Police Force.
E. On October first of each fiscal year, beginning with the 2007-2008 Fiscal Year, the treasurer shall allocate and distribute to the system from the fund the amount of any amortization payment calculated by the system actuary and contained in the system’s valuation for the previous fiscal year approved by the Public Retirement Systems’ Actuarial Committee to be paid from the fund; however, in no case shall the allocation and distribution to the system provided in this Subsection exceed the balance in the fund. Any unpaid portion of an amortization payment for a particular fiscal year shall be treated as an underpayment pursuant to La. Rev. Stat. 11:102(B)(2)(c) and shall be included in the calculation of the actuarially required contribution for all employers of the system for the following fiscal year.
Acts 2007, No. 414, §1, eff. June 30, 2007; Acts 2014, No. 524, §1.