§1195.2.  Unfunded accrued liability; payment by employer; any position

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 R.S. 11:1202.

 Acts 2008, No. 823, §1, eff. July 1, 2008.