The Public Retirement Systems' Actuarial Committee (PRSAC) was created by the Louisiana Legislature in 1988 to ensure orderly and consistent strategies for continuing development and growth of Louisiana's state and statewide retirement systems, pension plans, and funds in order to attain and maintain their fiscal soundness. The Legislature recognized that fiscal integrity of the retirement systems was a priority necessitated by the financial condition of those systems at that time, and opted to provide an entity to advise and coordinate the ongoing process and to advise the legislative retirement committees of all findings and recommendations.
PRSAC consists of seven voting members, to include 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 retirement systems, the president of the Senate or his designee, and the speaker of the House or his designee.
The committee is charged with reviewing and studying, on a continuing basis, the actuarial assumptions, funding methods, the unfunded liability determined by those methods, the amortization methods to reduce such unfunded liability, and such other matters as the committee deems appropriate. The committee makes recommendations, subject to the unanimous approval of the committee, to the retirement systems, plans, or funds and to the legislative retirement committees.
In addition, PRSAC is responsible for reviewing and adopting each year the official valuations of each state and statewide public retirement system, which are submitted annually to the committee by each system's actuary.
Click here to see the revised statutes relating to PRSAC.