Information about Constitutional Amendment #3:
Voters passed Constitutional Amendment #3 in the statewide election held October 14, 2023. Here's what this means:
Beginning July 1, 2024, the legislature will annually appropriate 25% of nonrecurring revenue (surplus dollars) from the prior fiscal year to the four state public retirement systems: the Teachers' Retirement System of Louisiana (TRSL), the Louisiana State Employees' Retirement System (LASERS), the Louisiana School Employees’ Retirement System (LSERS), and the Louisiana State Police Retirement System (LSPRS). This appropriation must be applied to each system's unfunded accrued liability (UAL) as additional debt payments.
Prior to the amendment's passage, TRSL and LASERS, the two largest systems, received 10% of the state’s nonrecurring revenue (surplus dollars) from the prior fiscal year to be applied as additional debt payments to their initial unfunded accrued liability (IUAL). The IUAL is debt that existed for each system as of June 30, 1988, and must be fully paid by 2029.