Louisiana Additional Funding for State Retirement, Amendment 3 (October 2007)
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The Louisiana Additional Funding for State Retirement Amendment, also known as Amendment 3, was on the ballot in Louisiana on October 20, 2007, as a legislatively referred constitutional amendment. It was approved. This measure proposed that any expansion of the state's retirement systems must stipulate a funding source that would cover the cost of the new benefits within 10 years of their enactment.[1][2]
Election results
| Louisiana Amendment 3 (October 2007) | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 Yes | 635,324 | 58.04% | ||
| No | 459,322 | 41.96% | ||
Election results via: Louisiana Secretary of State
Text of measure
The question on the ballot:
| Act 484 (2007 Regular Session) amends Article X, Section 29(E)(5).
Present Constitution provides that all assets, proceeds, or income of the state and statewide public retirement systems and all contributions and payments made to such system to provide for retirement and related benefits shall be held, invested as authorized by law, or disbursed as in trust for the exclusive purpose of providing such benefits, refunds, and administrative expenses under the management of the boards of trustees and shall not be encumbered for or diverted to any other purpose. Further provides that the accrued benefits of members of any state or statewide public retirement system shall not be diminished or impaired and future benefit provisions for members of the state and statewide public retirement systems shall only be altered by legislative enactment. Proposed Constitutional Amendment retains present law and clarifies that future benefits provisions for members of the state and statewide public retirement systems shall be altered only by legislative enactment. Proposed Constitutional Amendment provides that no benefit provision for any member of a state retirement system having an actuarial cost shall be approved by the legislature unless a funding source providing new or additional funds sufficient to pay all such actuarial cost within ten years of the effective date of the benefit provision is identified in such enactment. Further provides that this provision shall be implemented as provided by law.[3][4] |
See also
External links
Footnotes
- ↑ Louisiana Secretary of State, "Official Election Results," October 20, 2007
- ↑ Public Affairs Research Council of Louisiana, "Voting on Louisiana Proposed Constitutional Amendments 1978-2015," accessed November 3, 2015
- ↑ Louisiana Secretary of State, "STATEMENT OF PROPOSED CONSTITUTIONAL AMENDMENTS October 20, 2007," accessed November 16, 2015
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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