The Louisiana Legislature created the Public Retirement Systems’ Actuarial Committee in 1988 to be its public retirement and pension systems’ advisor. The committee reviews the financial condition of Louisiana’s four statewide systems – state employees, teachers, school employees and state police – and nine state systems – district attorneys, clerks of court, registrar of voters, sheriffs, assessors, firefighters, municipal employees, municipal police and parochial employees. The Legislature recognized that the fiscal integrity of the retirement systems was a priority and close scrutiny of their financial condition required to insure the funding of pension benefits. PRSAC reviews actuarial reports which assess and project the financial condition of the pension plans and determine how much should be contributed each year to provide for the secure funding of benefits. The committee makes recommendations to the retirement systems, the legislative retirement committees and the Joint Legislative Committee on the Budget.
PRSAC consists of seven voting members – the state treasurer, or his designee; the commissioner of administration, or his designee; the legislative auditor, or his designee; an actuary representing the state retirement systems; an actuary representing the statewide systems; the president of the Senate, or his designee; and the speaker of the House, or his designee.