Louisiana Revised Statutes 11:1195.2 – Unfunded accrued liability; payment by employer; any position
Terms Used In Louisiana Revised Statutes 11:1195.2
- Employee: means any person legally occupying a position as a school bus driver who actually renders a service by driving a school bus during the full time of his employment, a school janitor, a school custodian, a school maintenance employee, school bus aide, monitor or attendant, or other regular school employee who actually works on a school bus helping with the transportation of school children, and who is a legal employee of a parish or city school board of the state of Louisiana, and shall include the employees of this system. See Louisiana Revised Statutes 11:1002
- Employer: means the state of Louisiana or any parish or city school board from which any employee receives his compensation. See Louisiana Revised Statutes 11:1002
A. Notwithstanding any other provision of law, if an employer eliminates any position through privatizing, outsourcing, contracting the service with a private employer, or any other means, then the employer shall remit that portion of the unfunded accrued liability existing on June thirtieth, immediately prior to the date of termination of the employee in that position, which is attributable to that position.
B. The amount due shall be determined by the actuary employed by the system and shall be amortized over ten years. The amount may be paid in a lump sum or equal monthly payments with interest at the actuarial rate in the same manner as regular payroll payments to the system, at the option of the employer.
C. Should the employer fail to make a payment timely, then the amount due shall be collected in the same manner as authorized by La. Rev. Stat. 11:1202.
Acts 2008, No. 823, §1, eff. July 1, 2008.